On January 1, 20X1, Sterling Inc. borrowed $100,000 cash from the Stevens Creek Bank on a...
On January 1, 20X1, Sterling Inc. borrowed $100,000 cash from the Stevens Creek Bank on a note that carried a 6 percent annual rate of interest and a five-year term. The loan is to be repaid in annual payments of $23,741.69 on January 1 each year. The amount of the January 1, 20X2, payment applied to interest and to principal would be
a. $6,000 / $94,000
b. $17,741.69 / $94,000
c. $4,935.50 / $82,258.31
d. $6,000 / $17,741.69
Homework Answers
| Interest payment | 6000 | =100000*6% |
| Principal | 17741.69 | =23741.69-6000 |
| The amount of the January 1, 20X2, payment applied to interest and to principal would be $6,000 / $17,741.69 |
| Option D is correct |
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