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On March 1, 2018, Mandy Services issued a 5% long-term notes payable for $23,000. It is payable over a 4-year term in $5,750 principal installments
On March 1, 2018, Mandy Services issued a 5% long-term notes payable for $23,000. It is payable over a 4-year term in $5,750 principal installments on March 1 of each year, beginning March 1, 2019. Each yearly installment will include both principal repayment of $5,750 and interest payment for the preceding one -year period What is the amount of total cash payment that Mandy will make on March 1, 2019? O A. $6,900 O B. $6,325 O C. $5,750 O D. $23,000
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