EXAMPLE SHORT- AND LONG-T 01/01/2021, a company borrows $1,000 cash for signing a four-year, 5% installment notes. The note requires four equal payments of $282, consisting of accrued interest and principal on December 31 of each year from 2021 to 2024. Confirm the annual payment of $282: 10 PAYMENTS Period Ending Date Beginning Interest Expense Notes Payable Cash Payment Ending Balance Balance 12/31/2021 12/31/2022 12/31/2023 12/31/2024 TOTAL