On January 1, 2005, Randa borrows $25,000 cash by signing a four-year, 7% installment note. The note

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On January 1, 2005, Randa borrows $25,000 cash by signing a four-year, 7% installment note. The note requires foimeqqal total payments of accrued interest and principal on December 31 of each year from 2005 through 2008.

1. Compute the amount of each of the four equal total payments.

2. Prepare an amortization table for this installment note like the one in Exhibit 10.16.

Exercise IO-I3 Installment note with equal total payments C2 P5 Check (1) $7,381

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Financial Accounting Information For Decisions

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Authors: John J Wild

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On January 1, 2005, Randa borrows $25,000 cash by signing a four-year, 7% installment note. The note

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Financial Accounting Information For Decisions

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