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On January 1, 2018, Eagle borrows $34.000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $9,588, consisting of
On January 1, 2018, Eagle borrows $34.000 cash by signing a four-year, 5% installment note. The note requires four equal payments of $9,588, consisting of accrued interest and principal on December 31 of each year from 2018 through 2021. (Table B.1. Table B.2. Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.) Prepare an amortization table for this installment note. (Round all amounts to the nearest whole dollar.) Payments (A) (B) (C) (D) (E) Credit Period Ending Date 2018 Beginning Debit Interest Debit Notes Balance Expense Payable $ 34,000 $ 1,700 $ 9,588 Ending Balance Cash 2019 2020 2021 Total $ 1,700 $ 0
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