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ON JANUARY 1, 2016, a business borrowed $18,000 on a five-year, 5% note payable. At december 31,2016, the business should record? Using the amortization calculator,
ON JANUARY 1, 2016, a business borrowed $18,000 on a five-year, 5% note payable. At december 31,2016, the business should record? Using the amortization calculator, determine the answer. Also, determine the total interest paid over the life of the note and the total amount actually repaid. A. Interset payble of $900 B. Note receivable of $18,000 C. Cash payment of $18,000 D. Nothing. (the note is already on the book)
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