On January 1, 2024, Evanston Corporation borrowed $22 million from a local bank to construct a new building over the next three years. The loan will be paid back in three equal installments of $8,230,416 on December 31 of each year. The payments include interest at a rate of 6%. Problem 9-2A (Algo) Part 2 2. Prepare an amortization schedule over the three-year life of the installment note. (Round your final answers to the nearest dollar amount.)

On January 1, 2024, Evanston Corporation borrowed $22 million from a local bank to construct a new building over the next three years. The loan will be paid back in three equal installments of $8,230,416 on December 31 of each year. The payments include interest at a rate of 6%. Problem 9-2A (Algo) Part 2 2. Prepare an amortization schedule over the three-year life of the installment note. (Round your final answers to the nearest dollar amount.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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