On 1 December 2017,Fine Products Borrowed $84,000 on a 5%,10-Year

Multiple Choice

On 1 December 2017,Fine Products borrowed $84,000 on a 5%,10-year note with annual instalment payments of $8400 plus interest due on 1 December of each succeeding year.Which of the following describes the first instalment payment made on 1 December 2018?

A) $8400 principal plus $420 interest
B) $4200 interest only
C) $8400 principal plus $8400 interest
D) $8400 principal plus $4200 interest