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41 Milton Company borrowed $95.000 on January 1, 2020, by signing a 6% promissory note. The note is to be repaid in full by December

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41 Milton Company borrowed $95.000 on January 1, 2020, by signing a 6% promissory note. The note is to be repaid in full by December 31. 2025. On December 31 of each year, Milton makes one payment on the installment note comprising blended interest and principal components. The amortization schedule for the note is presented below. Milton has a March 31 year end. The company does not make monthly adjustments, but rather makes adjusting entries every quarter Year Beginning Note Payable Interest Expense Repaid Principal on (6%) Note Payable Ending Note Payable 8 00:05:54 2020 2021 2022 2023 2024 2025 95.000 81,381 66,946 51,641 35,420 18,226 5,700 4,883 4,017 3,098 2,125 1,094 eBook 13,619 14,437 15,303 16,221 17,194 18,226 81,381 66,944 51,641 35,420 18, 226 (0) Assurning the company makes the required annual payments on December 31, use the amortization schedule to determine the following answers DO NOT use doller signs (s) or commas () in your responses, just simply type the number with no formatting (i.e 10000). Round all answers to the nearest dollar: (a) the amount of the annual payment (1 point) $ (b) the amount of Interest Expense on this note to report in the year ended March 31, 2020 (1 point) (c) the amount of Interest Expense to report in the year ended March 31 2022 (1 point) (a) the total interest and total principal paid over the note's entire life (1 point) $

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