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The following notes receivable are issued for cash with the following terms: First Name Begins with A-D E- H I-L Principal $ 4,000,000 Maturity (years)
The following notes receivable are issued for cash with the following terms: | ||||
First Name Begins with | A-D | E- H | I-L | |
Principal | $ 4,000,000 | |||
Maturity (years) | 4 | |||
Interest rate | 4% | |||
Required rate | 6% | |||
a. Find the present value of the note | ||||
b. Record the note receivable | ||||
c. Prepare an amortization schedule | ||||
d. Prepare the interest entries for the first 3 years | ||||
Use present value tab for present values |
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