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Prepare the wage entries Orange County will do

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Question - Orange County purchased a computer at a cost of $ 45,000. To finance the purchase, he signed a five-year promissory note, which requires five equal annual payments. Orange County will make the first payment in a year. Each payment will be in the amount of $ 12,795.

Required -

a. Determine the interest rate on this note.

b. Prepare the wage entries Orange County will do for the first payment and for the last payment.

c. Suppose that immediately after making the second payment, Orange County refinances and signs a new three-year note for the amount owed on the first note and the interest rate is 10.25%, how much will be the annual payment on the new note.

Reference no: EM132646130

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