Lily Pewshun negotiated a three-year, 9%, $46,000 loan from her bank. It called for three equal-sized year-end

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Lily Pewshun negotiated a three-year, 9%, $46,000 loan from her bank. It called for three equal-sized year-end payments.

a. Determine the amount of her payment each year (round to the nearest dollar).

b. Show how the loan, and each of the three payments, would be entered into her accounting system (round each amount to the nearest dollar). Use the format shownbelow.

Lily Pewshun negotiated a three-year, 9%, $46,000 loan from her

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Financial Accounting Information For Decisions

ISBN: 978-0324672701

6th Edition

Authors: Robert w Ingram, Thomas L Albright

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Question Posted: Jun 20, 2012 06:22 AM

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Lily Pewshun negotiated a three-year, 9%, $46,000 loan from her bank. It called for three equal-sized year-end

Question:

ASSETS +OWNERS EQUITY Contributed Retained Capital Earnings Other Cash Assets Date Accounts

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a The size of the payment is solved by the following equation PVA P...View the full answer

Financial Accounting Information For Decisions

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