Calculate the amount of the note


On January 1, 2008, ABC Company borrowed $200,000 from the bank. The loan is a 10-year note payable that requires semi-annual payments of $18,000 every June 30 and December 31, beginning June 30, 2008. Assume the loan has a 10% interest rate, compounded semi-annually. Calculate the amount of the note payable at December 31, 2008 that would be classified as a current liability. Do not use decimals in your answer.

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: Calculate the amount of the note
Reference No:- TGS0681031

Expected delivery within 24 Hours