Dan Dayle started a business by issuing a $92,000 face-value note to First State Bank...
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Accounting
Dan Dayle started a business by issuing a $92,000 face-value note to First State Bank on January 1, Year 1. The note had a 7 percent annual rate of interest and a five-year term. Payments of $22,438 are to be made each December 31 for five years.
Required
- What portion of the December 31, Year 1, payment is applied to interest expense and principal?
- What is the principal balance on January 1, Year 2?
- What portion of the December 31, Year 2, payment is applied to interest expense and principal?
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