Question
A company had the following items on its 2020 annual income statement: Revenues500,000 Labor expense60,000 Material expense120,000 Depreciation expense40,000 In addition, the company borrowed $350,000
A company had the following items on its 2020 annual income statement:
Revenues500,000
Labor expense60,000
Material expense120,000
Depreciation expense40,000
In addition, the company borrowed $350,000 at the beginning of 2019, to be repaid with equal total payments, over15 years, at 7% annual interest.
What is the loan interest payment in 2020?What is the loan principal payment in 2020?
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The Americans An Economic Record An Economic Record
Authors: Stanley Lebergott
1st Edition
0393953114, 9780393953114
