Exercise 9-5 (Algo) Compute total interest and record installment notes (LO9-2) A company decides to obtain a small-business loan of $223,000. The financial institution from which the company borrows offers two options: a. Borrow $223,000 at 6% with monthly payments of $4,311.21 over 5 years. b. Borrow $223,000 at 7% with monthly payments of $2,589.22 over 10 years. Required: 1. Record the issuance of an installment note payable under each option. 2. Record the payments for the first and second month under each option. 3. Determine the total amount of interest paid under each option over the full period of the note. Complete this question by entering your answers in the tabs below. Record the issuance of an instaliment note payable under each option. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account fleid. Round your answers to 2 decimal places.) Journal entry worksheet 2 Record the issuance of a note for $223,000 at 6% with monthly payments of $4,311,21 over 5 years. Note: Enter debits before credits. Exercise 9-5 (Algo) Compute total interest and record installment notes (LO9-2) A company decides to obtain a small-business loan of $223,000. The financial institution from which the company borrows offers two options: a. Borrow $223,000 at 6% with monthly payments of $4,311.21 over 5 years. b. Borrow $223,000 at 7% with monthly payments of $2,589.22 over 10 years. Required: 1. Record the issuance of an installment note payable under each option. 2. Record the payments for the first and second month under each option. 3. Determine the total amount of interest paid under each option over the full period of the note. Complete this question by entering your answers in the tabs below. Record the issuance of an installment note payable under each option. (If no entry is required for a particular transaction/event, seiect "No Journal Entry Required" In the first account field. Round your answers to 2 decimal places.) Journal entry worksheet Record the issuance of a note for $223,000 at 7% with monthly payments of $2,589.22 over 10 years. Note: Enter debits before credits. Exercise 9-5 (Algo) Compute total interest and record installment notes (LO9-2) A company decides to obtain a small-business loan of $223,000. The financial institution from which the company borrows offers two options: a. Borrow $223,000 at 6% with monthly payments of $4,311.21 over 5 years. b. Borrow $223,000 at 7% with monthly payments of $2,589.22 over 10 years. Required: 1. Record the issuance of an installment note payable under each option. 2. Record the payments for the first and second month under each option. 3. Determine the total amount of interest pald under each option over the full period of the note. Complete this question by entering your answers in the tabs below. Record the payments for the first and second month under each option. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) Journal entry worksheet Record the first payment of a note for $223,000 at 6% with monthly payments of $4,311.21 over 5 years. Note: Fnter debits before credits. Exercise 9.5 (Algo) Compute total interest and record installment notes (LO9-2) A company decides to obtain a small-business loan of $223,000. The financial institution from which the company borrows offers two options: a. Borrow $223,000 at 6% with monthly payments of $4,311.21 over 5 years: b. Borrow $223,000 at 7% with monthly payments of $2,589.22 over 10 years. Required: 1. Record the issuance of an instaliment note payable under each option. 2. Record the payments for the first and second month under each option. 3. Determine the total amount of interest paid under each option over the full period of the note. Complete this question by entering your answers in the tabs below. Record the payments for the first and second month under each option. (If no entry is required for a particular transoction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.) Journal entry worksheet Record the second payment of a note for $223,000 at 6% with monthly payments of $4,311.21 over 5 years. Wote: Enter debite before crecits: Exercise 9.5 (Algo) Compute total interest and record installment notes (LO9-2) A company decides to obtain a small-business loan of $223,000. The financlal institution from which the company borrows offers two options: a. Borrow $223,000 at 6% with monthly payments of $4,311.21 over 5 years. b. Borrow $223,000 at 7% with monthly payments of $2,589.22 over 10 years. Required: 1. Record the issuance of an instaliment note payable under each option. 2. Record the payments for the first and second month under each option. 3. Determine the total amount of Interest paid under each option over the full period of the note. Complete this question by entering your answers in the tabs below. Record the payments for the first and second month under each option. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first occount field. Do not round intermediate calculations. Round your answers to 2 decimal places.) Journal entry worksheet Record the first payment of a note for $223,000 at 7% with monthily payments of $2,589.22 over 10 years. Niotei Enter debits before crects. Exercise 9.5 (Algo) Compute total interest and record installment notes (LO9-2) A company decides to obtain a small-business loan of $223,000. The financial institution from which the company borrows offers two options: a. Borrow $223,000 at 6% with monthly payments of $4,311,21 over 5 years. b. Borrow $223,000 at 7% with monthly payments of $2,589.22 over 10 years. Required: 1. Record the issuance of an installment note payable under each option. 2. Record the payments for the first and second month under each option. 3. Determine the total amount of interest paid under each option over the full period of the note. Complete this question by entering your answers in the tabs below. Record the payments for the first and second month under each option. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first sccount field. Do not round intermediate calculations. Round your answers to 2 decimal places.) Journal entry worksheet Record the second payment of a note for $223,000 at 7% with monthly payments of $2,589.22 over 10 years. Note. Enter debits before credits. Exercise 9-5 (Algo) Compute total interest and record installment notes (LO9-2) A company decides to obtain a small-business loan of $223,000. The financial institution from which the company borrows offers two options: a. Borrow $223,000 at 6% with monthly payments of $4,311,21 over 5 years. b. Borrow $223,000 at 7$ with monthly payments of $2,589,2.2 over 10 years. Required: 1. Record the issuance of an installment note payable under each option. 2. Record the payments for the first and second month under each option. 3. Determine the total amount of interest paid under each option over the full period of the note. Complete this question by entering your answers in the tabs below. Determine the total amount of interest paid under each option over the full period of the note. (Do not round intermediate calculations. Round your answers to 2 decimal places.)