Multiple Choice
[The following information applies to the questions displayed below.]
On January 1, Year 1, the Platte Corporation issues a 5-year note payable for $5,000. The interest rate is 5% and the annual payment of $1,156, due each December 31, includes both interest and principal.
-Which of the following shows the effect of the December 31,Year 1 payment?![[The following information applies to the questions displayed below.] On January 1, Year 1, the Platte Corporation issues a 5-year note payable for $5,000. The interest rate is 5% and the annual payment of $1,156, due each December 31, includes both interest and principal. -Which of the following shows the effect of the December 31,Year 1 payment? A) Option A B) Option B C) Option C D) Option D](https://d2lvgg3v3hfg70.cloudfront.net/TB6522/11ea8a6f_8d4e_40c7_a2a1_3d1cff2d3e5e_TB6522_00.jpg)
A) Option A
B) Option B
C) Option C
D) Option D
Correct Answer:
Verified
Correct Answer:
Verified
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