X owed a debt dated January 1,2020,amounting to $91,330.Arrangements were made to pay the debt in three equal annual instalments,starting on December 31,2020.The interest is 15% per annum.
(a)Compute the amount of the annual cash payment to be made on each December 31.
Payment $______________.
(b)Prepare the related debt amortization schedule for the term of the debt.

Question

Quizplus · Accepted Answer

The Answer of X owed a debt dated January 1,2020,amounting to $91,330.Arrangements were made to pay the debt in three equal annual instalments,starting on December 31,2020.The interest is 15% per annum.
(a)Compute the amount of the annual cash payment to be made on each December 31.
Payment $______________.
(b)Prepare the related debt amortization schedule for the term of the debt.

X Owed a Debt Dated January 1,2020,amounting to $91,330