Pockets Lent $20,000 to Lego Construction on January 1, 2018

question 23

Essay

Pockets lent $20,000 to Lego Construction on January 1, 2018. Lego signed a three-year, 5% installment note to be paid in three equal payments at the end of each year.
Required: Calculate the amount of one installment payment.

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Definitions:

Thomas and Chess

Psychologists known for their research in child temperament, particularly in identifying three basic temperaments in infants and how these influence developmental outcomes.

Temperament Types

Categories that describe inherent personality traits and behavioral styles, often identified as part of psychological assessments.

Easy

Something that can be done without difficulty or effort.

Elimination Functions

Biological processes involved in the excretion of waste products from the body.