On January 1, 2021, Eagle Company borrows $30,000 cash by signing a four-year, 7% installment note....

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On January 1, 2021, Eagle Company borrows $30,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $8,857, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Prepare an amortization table for this installment note. Note: Round all amounts to the nearest whole dollar. On January 1, 2021, Eagle Company borrows $30,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $8,857, consisting of accrued interest and principal on December 31 of each year from 2021 through 2024. Prepare an amortization table for this installment note. Note: Round all amounts to the nearest whole dollar.

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To prepare an amortization table for the installment note we need to calculate the interest exp... View the full answer