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Please complete the amortization table for Year ending August 31, 2018 using the information in Note F NOTE F - PLEDGED ASSETS AND NOTES PAYABLE
Please complete the amortization table for Year ending August 31, 2018 using the information in Note F
NOTE F - PLEDGED ASSETS AND NOTES PAYABLE Line of Credit Arrangement: The Company has a $6,000,000 variable rate seasonal line of credit with a bank, which expires on December 31 , 2018. The balance on the line of credit was SO on August 31 , 2018 and 2017. The interest rate at August 31, 2018 was 4.47%. The note is secured by UCC filing on all business assets including accounts receivable, inventory and equipment. Long-Term Debt: Note payable with a regional bank dated May 5, 2016 for $2,050,000 due in 59 monthly payments of $20,517 and one final payment of $1 , 116,804 due May 25, 2021. The interest rate on the note is 3.7%. The note is secured by real estate. Subtotal Less unamortized Loan Costs Less Current Maturities Long-Term Debt Cash requirements on the debt are as follows: 1,635,348 $ 1,635,348 (2,565) | (188,963) 1,443,820 $ 2017 1,816,706 1,816,706 (3,527) (182,109) Principal Interest Year Ending August 31, 2021 Total Incomplete Loan fees on this loan totaled $4,809: and are being amortized over 5 years beginning May 2016: and amortization is included in term interest expense.
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