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lutik1710 [3]
2 years ago
12

On January 1, Year 1, Zero Company obtained a $52,000, 4-year, 6.5% installment note from Regional Bank. The note requires annua

l payments consisting of principal and interest of $15,179, beginning on December 31 of the current year. Of the first payment due on December 31 of Year 1, how much of the $15,179 payment will go toward paying down the principal balance of the note payable?
Business
1 answer:
Gnom [1K]2 years ago
5 0

Answer:

$ 11,799 is the principal balance of the note payable.

Explanation:

The  Interest expense for the installment note on the year of the December 31, year can be determined by the following equation that are mention below

= 52,000 * 6.5\ percent

52,000 * \frac{6.5}{100}

= $\ 3,380

Now the Principal balance  of the component in $15,179 payment of the  December 31, year 1  can be determined by the

principal\  and \ interest\ of \ note\ annual\  payments -   Interest\ expense \ for\  the\  installment\   note

= 15,179 -3,380

=$ 11,799

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