Question
Dear Expart, Please teach me the following questions: On February 1, Willmar Corporation borrowed $100,000 from its bank by signing a 12 percent,15year note payable.
Dear Expart,
Please teach me the following questions:
On February 1, Willmar Corporation borrowed $100,000 from its bank by signing a 12 percent,15year note payable. The note calls for180 monthly payments of $1,470. Each paymentincludes an interest and a principal component. a. Compute the interest expense in February. b. Compute the portion of Willmar's March 31 paymentthat will be applied to the principal ofthe note.(Round yourintermediate calculations and final answerto the nearest dollar amount.) c. Compute the carrying value ofthe note on April 30.(Round yourintermediate calculations and final answerto the nearest dollar amount.)
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