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15.3 Accounting for Long Term Notes Payable Howard Paper issues a $420,000, 8%, 10-year mortgage note on January 1, 2020. Terms provide for annual installment
15.3 Accounting for Long Term Notes Payable Howard Paper issues a $420,000, 8%, 10-year mortgage note on January 1, 2020. Terms provide for annual installment payments of $61.149, exclusive of taxes and insurance. In what year will Howard's principal balance be less than half of the issue amount? Assume the first payment is made on December 31, 2020. 2024 2025 2023 2026
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