Assume that a machine was purchased for $59,200, Cash of 18,900 was paid and a four-year,...

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Assume that a machine was purchased for $59,200, Cash of 18,900 was paid and a four-year,...

Assume that a machine was purchased for $59,200, Cash of 18,900 was paid and a four-year, 8% note payable was signed for the balance. Prepare the horizontal model, to show the equal annual payments of principal and interest due at the end of each year.

business accounting

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Answer 1

Answer #1

Cost of machinery = $59.200 Down payment $18.900 Amount of loan = Cost of machinery - Down payment = $59,200 - $18.900 = $40,

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Answer 2

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