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Madison received a bank loan of $26,000 in 2020. The bank loan is payable over 5 years at an interest rate of 5% per annum.
Madison received a bank loan of $26,000 in 2020. The bank loan is payable over 5 years at an interest rate of 5% per annum. Interest payments on the principal balance were due by December 31st each year and Madison agreed to pay an additional $5,000 of the principal by December 31, 2022. Madison made the 2021 interest and principal payment on January 5, 2022
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Financial Accounting An International Introduction
Authors: David Alexander, Prof Christopher Nobes, Chris W. Nobes
4th Edition
027372164X, 978-0273721642
