X Owed a Debt Dated January 1,2020,amounting to $91,330

question 16

Essay

X owed a debt dated January 1,2020,amounting to $91,330.Arrangements were made to pay the debt in three equal annual instalments,starting on December 31,2020.The interest is 15% per annum.
(a)Compute the amount of the annual cash payment to be made on each December 31.
Payment $______________.
(b)Prepare the related debt amortization schedule for the term of the debt.

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Definitions:

Ordovician

A geologic period and system of the Paleozoic Era, following the Cambrian and preceding the Silurian, marked by significant diversification of life.

Natural Selection

The process by which organisms better adapted to their environment tend to survive and produce more offspring.

Triassic

A geological period that occurred approximately 252 to 201 million years ago, marking the beginning of the Mesozoic Era.

Cretaceous

The last period of the Mesozoic Era, marked by significant geological events and the extinction of dinosaurs.