On December 1, 2015, Fine Products borrowed $80,000 on a 4%, 8-year note with annual...
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Accounting
On December 1, 2015, Fine Products borrowed $80,000 on a 4%, 8-year note with annual installment payments of $10,000 plus interest due on December 1 of each succeeding year. Which of the following describes the first installment payment made on December 1, 2016?
A.$3,200 interest only
B.$10,000 principal plus $400 interest
C.$10,000 principal plus $3,200 interest
D.$10,000 principal plus $10,000 interest
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