Question
Ayayai Corp. borrowed $840,000 from National Bank on May 31, 2019. The 3-year, 7% note required annual payments of $320,083 beginning May 31, 2020. The
Ayayai Corp. borrowed $840,000 from National Bank on May 31, 2019. The 3-year, 7% note required annual payments of $320,083 beginning May 31, 2020. The total amount of interest to be paid over the life of the loan is
a.$58,800.
b.$120,249.
c.$234,649.
d.$176,400.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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