on january 1, year 1, zero company obtained a $52,000, 4-year, 6.5% installment note from regional bank. the note requires annual payments consisting of principal and interest of $15,179, beginning on december 31 of the current year. the december 31, year 1 carrying amount in the allocation of periodic payments table for this installment note will be equal to: a.$36,821 b.$39,000 c.$40,201 d.$27,635

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08-11-2022
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on january 1, year 1, zero company obtained a $52,000, 4-year, 6.5% installment note from regional bank. the note requires annual payments consisting of principal and interest of $15,179, beginning on december 31 of the current year. the december 31, year 1 carrying amount in the allocation of periodic payments table for this installment note will be equal to: a.$36,821 b.$39,000 c.$40,201 d.$27,635

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contexto1220 contexto1220 · Answer 1 · 2022-11-13T10:51:21+01:00

The December 31, year 1 carrying amount in the allocation of periodic payments table for this installment note will be equal to $27,635

An installment note is a legal obligation or liability requiring the borrower to repay the lender's principal in periodic payments. On the other hand, a lump sum note or balloon loan requires the borrower to repay the entire note principal on a specific date. There is no payment schedule.

An installment note typically has a payment schedule in which the borrower repays the lender in equal monthly, quarterly, semi-annually, or annual payments until the loan is fully repaid with interest. It functions similarly to a personal mortgage. There is a note term and a set payment amount that is paid in equal installments over the term.

These notes are common among franchises and businesses that need trade debts to float their inventory over multiple accounting periods.

For more information on an installment note, visit :

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