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On february 11 2011 wilmar corporation borrowed 100000 from

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On February 11, 2011, Wilmar Corporation borrowed $100,000 from its bank by signing a 12 percent, 15-year note payable. The note calls for 180 monthly payments of $1,200. Each payment includes an interest and a principal component.

a. Compute the interst expense in February.

b. Compute the protion of Wilmar's March 31, 2011, $1,200 payment that will be applied to the principal of the note.

c. Compute the carrying value of the note on April 30, 2011 (round to the nearest dollar).

 

Reference no: EM13571818

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