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On january 1 2009 american eagle borrows 90000 cash by

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On January 1, 2009, American Eagle borrows $90,000 cash by signing a four-year, 5% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2009 through 2012.

Requirement 1:
Compute the amount of each of the four equal total payments. Use the present value Table B.3.

Requirement 2:
Prepare an amortization table for this installment note like the one in Exhibit 10.14.

Reference no: EM13598754

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