Pockets lent $20,000 to Lego Construction on January 1, 2018. Lego signed a three-year, 5% installment note to be paid in three equal payments at the end of each year.
Required: Calculate the amount of one installment payment.

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The Answer of Pockets lent $20,000 to Lego Construction on January 1, 2018. Lego signed a three-year, 5% installment note to be paid in three equal payments at the end of each year.
Required: Calculate the amount of one installment payment.

Pockets Lent $20,000 to Lego Construction on January 1, 2018