On November 1,2012,EZ Products borrowed $48,000 on a 5%,10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year.
-On December 31,2013,what will the balance be in the account titled Long-term notes payable?
A) $38,400
B) $48,000
C) $43,200
D) $4,800

Question

Quizplus · Accepted Answer

A) Calculations: $48,000 - $4,800 - $4,800 = $38,400

On November 1,2012,EZ Products Borrowed $48,000 on a 5%,10-Year Note