What additional amount will beta have to pay to pay off

Reference no: EM132648490

Suppose the note from the previous fiscal year carries an interest rate of 9% and Beta will pay $ 8,500 per year over the six years of the note. At the end of year 6, in addition to the $ 8,500, Beta will pay an additional amount to pay off the promissory note.

Question 1) What additional amount will Beta have to pay to pay off the promissory note?

Question 2) How much will Beta owe after making the third annual payment?

Question 3) What is the wage entry for the seventh payment, including the amount calculated in question (1)?

Reference no: EM132648490

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