Davis Corporation Borrowed $50,000 on January 1,Year 1

Davis Corporation borrowed $50,000 on January 1,Year 1.The loan is for a 10-year period and has an annual interest rate of 9%.At the end of each year,Davis will make a payment of $7,791,which includes both principal and interest.With this loan,the amount of interest expense that Davis reports on its income statement will be the same for each year of the loan.