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What is the correct interest expense for the year ending dec

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Problem 1: On January 1, 2018, Harrison Company purchased an equipment by signing a six year installment note, requiring annual payments of $15,000 to be made at year-end, and the first payment will be made at December 31, 2018. The implicit interest rate is 12%. What is the correct interest expense for the year ending December 31, 2009?

Option 1: $6,829
Option 2: $5,467
Option 3: $6,010
Option 4: $7,401

Reference no: EM132954236

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