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On December 1, 2015, Fine Products borrowed $80,000 on a 4%, 8-year note with annual installment payments of $10,000 plus interest due on December 1
- On December 1, 2015, Fine Products borrowed $80,000 on a 4%, 8-year note with annual installment payments of $10,000 plus interest due on December 1 of each succeeding year.Which of the following describes the first installment payment made on December 1, 2016?
- $10,000 principal plus $400 interest
- $3,200 interest only
- $10,000 principal plus $10,000 interest
- $10,000 principal plus $3,200 interest
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Financial and Managerial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
3rd edition
978-1-119-3916, 1119392132, 1119392136, 9781119391609, 1119391601, 978-1119392132
