On January 1, Shadow Fork Ranch borrowed $250,000 cash by signing a 10-year, 8% installment note...
On January 1, Shadow Fork Ranch borrowed $250,000 cash by signing a 10-year, 8% installment note requiring equal payments each December 31 of $37,258. What amount of interest expense will be included in the first annual payment?
| A. |
$17,258. |
|
| B. |
$12,258. |
|
| C. |
$20,000. |
|
| D. |
$25,000. |
Homework Answers
Answer : C) $20,000
interest Expense in First annual Payment = 250,000*8% = $20,000 (Answer)
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