Question
On January 1, Year 1, Mahoney Company borrowed $178,000 cash from Sun Bank by issuing a 5-year, 8% term note. The principal and interest are
On January 1, Year 1, Mahoney Company borrowed $178,000 cash from Sun Bank by issuing a 5-year, 8% term note. The principal and interest are repaid by making annual payments beginning on December 31, Year 1. The annual payment on the loan equals $44,581. What is the amount of principal repayment included in the payment made on December 31, Year 1?
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Cost And Management Accounting An Introduction
Authors: Colin Drury
5th Edition
1861529058, 978-1861529053
