Question
On January 1, 2015, Aggie Company purchased a building for $65,000, making a cash down payment of $5,000 and signing a note requiring eight equal
On January 1, 2015, Aggie Company purchased a building for $65,000, making a cash down payment of
$5,000 and signing a note requiring eight equal semi-annual payments for the balance. Payments are to be
made on June 30 and December 31. The implicit interest rate is 6%.
-
What is the amount of each semi-annual payment?
A. $9,260
B. $7,500
C. $16,142
D. $8,547
E. $9,662
How much interest expense should Aggie record on the note for the first year?
| A. | $3,702 | |
| B. | $3,364 | |
| C. | $6,447 | |
| D. | $3,429 | |
| E. | $3,398
|
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The Well Church Book A Practical Guide To Mission Audit
Authors: John Finney
1st Edition
0862015499, 978-0862015497
