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On December 31, 2017, Logan Corp. borrowed $20,000 by signing a four-year, 5% installment note. The note requires four equal payments of accrued interest and
On December 31, 2017, Logan Corp. borrowed $20,000 by signing a four-year, 5% installment note. The note requires four equal payments of accrued interest and principal on December 31 of each year from 2018 through 2021. a. Calculate the size of each of the four equal payments b. Prepare an amortization table for this installment considering accrued interest plus equal principal payment method.
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