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lobaal3. Border Company purchased a truck that cost $18,000. The company signed a $18,000 note payable that specified four equal annual payments (at each year-end), each of which includes a payment on the principal and interest on the unpaid balance at 10% per annum.
Required:
A. | Compute the amount of each equal payment (round to the nearest dollar). |
B. | Give the entry to record the purchase of the truck. |
C. | Give the entry to record the first annual payment on the note. |
D. | Will the interest paid with the first annual payment be more or less than the interest paid with the second annual payment? Explain your answer. |
11 years ago
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