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  3. on january 1,2021 , dixon company borrowed $50,000

On January 1,2021 , Dixon Company borrowed $50,000 by issuing a 5 -year note to...

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Accounting

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On January 1,2021 , Dixon Company borrowed $50,000 by issuing a 5 -year note to First Bank. The note had a 10% annual rate of interest. The loan agreement called for five equal payments of $13,190 on December 31 of each year 2021 through 2025 . What is the principal balance on this installment note at the end of 2023 after the loan payment is recorded? (Hint: Use an amortization schedule to determine your answer.) a) $10,430 b) $22,891 c) $32,801 d) $41,810

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