Question
On January 1, 2013 the Minton Company borrowed $162,000 cash from Hometown Bank by issuing a five-year 8% term note. The principal and interest are
On January 1, 2013 the Minton Company borrowed $162,000 cash from Hometown Bank by issuing a five-year 8% term note. The principal and interest are repaid by making annual payments beginning on December 31, 2013. The annual payment on the loan based on the present value of annuity factor would be $40,575.
The amount of principal repayment included in the December 31, 2013 payment is:
| $12,960. | |
| $27,615. | |
| $37,329. | |
| $40,575. |
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3 1/2 IRS Audit Red Flags That Trigger 99% Of All IRS Audits Tax Houdini How To Cut Taxes Without Provoking An Audit
Authors: Dean Q Wynn, Sam L Milledge, Altaf Adam, Samuell L Milledge II, Eric T McFerren
1st Edition
1985081199, 978-1985081192
