On july 1, shady creek resort borrowed $250,000 cash by signing a 10-year, 8% installment note requiring equal payments each june 30 of $37,258. what amount of interest expense will be included in the first annual payment?
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sorry but i'am not help to this question
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The Answer is $20,000.
Explanation:
Given that,
On july 1, shady creek resort borrowed = $250,000 cash
Time period = 10-year
Interest rate = 8%
Interest expense included in the first annual payment :
= Amount borrowed × Interest rate
= $250,000 × 8%
= $20,000
Therefore, the interest expense will be included in the first annual payment is $20,000.
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