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The following instalment payment schedule is for a long-term bank loan payable: Interest Period Cash Payment Interest Expense Reduction of Principal Issue date 1 2
The following instalment payment schedule is for a long-term bank loan payable: Interest Period Cash Payment Interest Expense Reduction of Principal Issue date 1 2 3 $34,646.22 34,646.22 34,646.22 34,646.22 34,646.22 $7.500 6,142.69 4,717.51 3.221.08 1,649.82 $27.146.22 28,503.53 29,928.71 31.425.14 32.996,40 Principal Balance $150,000 122.853.78 94.350.25 64,421.54 32,996.40 0 4 5 Assuming payments are made annually, what is the interest rate on the bank loan? (Round answer to the nearest whole percent es. 12%) Interest rate % Taythank and Mortis
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Accounting Principles Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
8th Canadian Edition
978-1119502425
