Magic Finger Practice Problem Information: Magic Fingers Massage Parlor, Inc. agrees to a loan with the following terms on January 1, 2018. 1) 3 year life, has a stated rate of 16%, and pays interest semiannually. 2) The initial amount borrowed was $12,000. Calculation of Payments: PU PMI N Cash Payment Interest Expense Principal Reduction Carrying Value Date START Period # 1 Period # 2 1/1/2018 6/30/2018 1/1/2019 6/30/2019 12/31/2019 Period # 3 Period #4