On 1 November 2013, EZ Products Borrowed $48 000 on a 5

Multiple Choice

On 1 November 2013, EZ Products borrowed $48 000 on a 5%, 10- year note with annual instalment payments of $4 800 plus interest due on 1 November of each succeeding year. On 31 December 2014, what will the balance be in the account titled Long- term notes payable?

A) $48 000
B) $38 400
C) $43 200
D) $4 800