Jay mills started a business by issuing a 95000 face value, Ask an Expert

Accounting

Jay Mills started a business by issuing a $95,000 face value note to State National Bank on January 1, 2014. The note had a 6 percent annual rate of interest and a five-year term. Payments of $22,553 are to be made each December 31 for five years.

Required

a. What portion of the December 31, 2014, payment is applied to

Interest expense:

Principal:

B. What is the principal balance on January 1, 2015?

What portion of the December 31, 2015, payment is applied to (Round intermediate calculations and your final answers to nearest whole dollar amount.)

Interest expense:

Principal:

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92021607

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