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Calculate amount of note payable at december for company

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Reference no: EM132873389

Gb6-zO9 Company borrowed $272,000 on January 1, 2033. The terms of the loan require Gb6-zO9 Company to make annual payments of $77,600 every December 31, with the first payment being due on December 31, 2033. Assume the loan has an interest rate of 20%, compounded annually.

Question 1: Calculate the amount of the note payable at December 31, 2034 that would be classified as a long-term liability.

Reference no: EM132873389

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