On January 1, 2016, Alldredge Company purchased equipment and signed a six-year mortgage note for $186,000 at 15%
The note will be paid in equal annual installments of $49,148, beginning January 1, 2017. Calculate the portion of interest expense paid on the third installment. (Round your answer to the nearest whole number.)
A) $49,148
B) $21,048
C) $27,900
D) $164,752
B .Beginning
Balance Principal
Payment Interest
Expense Total
Payment Ending
Balance
01/01/2016 $186,000
01/01/2017 $186,000 $21,248 $27,900 $49,148 164,752
01/01/2018 164,752 24,435 24,713 49,148 140,317
01/01/2019 140,317 28,100 21,048 49,148 112,217
You might also like to view...
Under the doctrine of respondeat superior, principals and employers are said to have vicarious liability.
a. true b. false
The VALS2™ group that has the highest degree of resources and innovation is termed the ________. This group is concerned with social issues and is open to change
A) Believers B) Strugglers C) Innovators D) Makers