A company signed a 9%, 10-year note for $166,000. The company paid an installment of $2,700 for the first month. What portion of the first monthly payment is principal? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.) $1,455 $1,660 $4,155 $16,533

A company signed a 9%, 10-year note for $166,000. The company paid an installment of $2,700 for the first month. What portion of the first monthly payment is principal? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.) $1,455 $1,660 $4,155 $16,533

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 7MC: Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight...

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Question

A company signed a 9%, 10-year note for $166,000. The company paid an installment of $2,700 for the first month. What portion of the first monthly payment is principal? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.)

$1,455

$1,660

$4,155

$16,533

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