Dec 1 the van loan payment is due on the first of each

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Dec. 1 The van loan payment is due on the first of each month; therefore, at Dec. 31 one month of interest has accrued and is due on January 1. Interest payable must be recorded for one month. The January loan payment will be 451.64 of which 325.98 is principle and the remainder is interest.

Reference no: EM13597441

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