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On 11?2024, Knecht Company purchased new equipment for the following amount and took out a...

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Accounting

On 11?2024, Knecht Company purchased new equipment for the following amount and took out a loan for 80% of the cost of the equipment, paying the down payment in cash at the date of 1,600,000 purchase..
Maturity of loan in years with semi-annual payments
15
Annual interest rate of loan
6%
REQUIRED :
What is the amount of interest in the fourth loan payment (second payment in year 2)?
What does the firm owe the bank after 6 years?
If the firm holds the loan till maturity, what is interest expense over the life of the loan?
What is the maturity date if the firm pays an additional $10,000 each payment ... in other words how long will the loan last?
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