Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The...
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Accounting
Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan include a repayment of principal in eight, equal installments, paid annually from the April 1 date. The annual interest rate on the loan is 5%, recognized on December 31. (Round answers to the nearest cent, if needed.)
a) Compute the interest recognized as of December 31 in year 1.
b) Create an amortization schedule for the loan.
c) Based on the amortization schedule what will the interest payment on April one year 5 be?
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