(Answered) On march 1 2016 mandau services issued a 7 long-term notes

Accounting

On March 1, 2016, Mandau Services issued a 7% long-term notes payable for $21,000. It is payable over a 3-year term in $7,000 principal installments on March 1 of each year, beginning March 1, 2017. Each yearly installment will include both principal repayment of $7,000 and interest payment for the preceding one-year period. What is the amount of total cash payment that Mandau will make on March 1, 2017?

A.$8,470
B.$7,000
C.$7,735
D.$21,000

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