Alden Trucking Company Is Replacing Part of Their Fleet of Trucks

question 85

Multiple Choice

Alden Trucking Company is replacing part of their fleet of trucks by purchasing them under a note agreement with Kenworthy on January 1,2010.Alden financed $37,908,000,the note agreement will require $10 million in annual payments starting on December 31,2010 and continuing for a total of five years (final payment December 31,2014) .Kenworthy will charge Alden Trucking Company the market interest rate of 10% compounded annually.What is the note and interest payable liability on December 31,2010 after the first payment was made?

• A)$32,908,000
• B)$31,698,800
• C)$40,000,000
• D)$27,908,000

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