Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

Exercise 21

Jansen Company borrowed $12,000 on a one-year, 8 percent note payable from the local bank on April 1.nterest was paid quarterly, and the note was repaid one year from the time the money was borrowed.alculate the amount of cash payments Jansen was required to make in each of the two calendar years that were affected by the note payable.