What will the balance be in long-term notes payable account

Reference no: EM131931505

Problem

On November 1, 2015, EZ Products borrowed $48,000 on a 5%, 10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year. On November 1, 2016, what will the balance be in the Long-Term Notes Payable account?

Reference no: EM131931505

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