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What is the loan interest payment

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Reference no: EM132796639

A company had the following items on its 2020 annual income statement:

Revenues 500,000

Labor expense 60,000

Material expense 120,000

Depreciation expense 40,000

In addition, the company borrowed $350,000 at the beginning of 2019, to be repaid with equal total payments, over 15 years, at 7% annual interest.

Problem 1: What is the loan interest payment in 2020? What is the loan principal payment in 2020?

Reference no: EM132796639

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