On January 1, 2005, Perez borrows $25,000 cash by signing a four-year, 7% installment note that re

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On January 1, 2005, Perez borrows $25,000 cash by signing a four-year, 7% installment note that re¬

quires annual payments of accrued interest and equal amounts of principal on December 31 of each year from 2005 through 2008.

1. How much principal is included in each of the four annual payments?

2. Prepare an amortization table for this installment note like the one in Exhibit 10.15.

Exercise IO-II Installment note with equal principal payments C2 P5

Check (1) $6,250

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Financial Accounting Information For Decisions

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On January 1, 2005, Perez borrows $25,000 cash by signing a four-year, 7% installment note that re

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Financial Accounting Information For Decisions

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