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compound interest question?
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<blockquote data-quote="itsjudicious" data-source="post: 2538468" data-attributes="member: 866665"><p>If a company borrowed $100,000 from a finance company on 1/1/Year1. The company said it will pay $10,000 a year until the loan is paid off. The $10,000 payments include interest at 4% annually. The first of the annual payments is made on 12/31/Year1.</p><p></p><p>A. What is interest expense related to the note for Year1?</p><p>B. What is interest expense related to the note for Year2?</p></blockquote><p></p>
[QUOTE="itsjudicious, post: 2538468, member: 866665"] If a company borrowed $100,000 from a finance company on 1/1/Year1. The company said it will pay $10,000 a year until the loan is paid off. The $10,000 payments include interest at 4% annually. The first of the annual payments is made on 12/31/Year1. A. What is interest expense related to the note for Year1? B. What is interest expense related to the note for Year2? [/QUOTE]
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