Multiple Choice
Collins Company borrowed $1,250,000 from BankTwo on January 1, 2019, in order to expand its mining capabilities.The five-year note required annual payments of $325,545 and carried an annual interest rate of 9.5%.What is the balance in the notes payable account at December 31, 2020, after the annual payment?
A) $1,250,000
B) $816,764
C) $1,043,205
D) $1,012,500
Correct Answer:
Verified
Correct Answer:
Verified
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