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Solve the amount of the note payable at december

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Gb6-zO9 Company borrowed $147,000 on January 1, 2033. The terms of the loan require Gb6-zO9 Company to make annual payments of $57,600 every December 31, with the first payment being due on December 31, 2033. Assume the loan has an interest rate of 20%, compounded annually.

Problem 1: Calculate the amount of the note payable at December 31, 2034 that would be classified as a long-term liability.

Reference no: EM132873787

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