Question
On January 1, 2020, Jensen Company borrowed $150,000 from Lyon Country Bank. The terms of the loan agreement specified 4 equal annual payments at 5%
On January 1, 2020, Jensen Company borrowed $150,000 from Lyon Country Bank. The terms of the loan agreement specified 4 equal annual payments at 5% annual interest. Compute the amount of each of these payments, assuming they begin on December 31, 2020.
I did 150,000/3.54595 which got me the result of $42,302, is this right?
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Accounting Principles Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara A. Trenholm, Valerie A. Kinnear, Joan E. Barlow
6th Canadian Edition
1118557328, 978-1118557327
