On November 1,2012,EZ Products Borrowed $48,000 on a 5%,10-Year Note

question 86

Multiple Choice

On November 1,2012,EZ Products borrowed $48,000 on a 5%,10-year note with annual installment payments of $4,800 plus interest due on November 1 of each succeeding year.
-On December 31,2013,what will the balance be in the account titled Long-term notes payable?

• A) $38,400
• B) $48,000
• C) $43,200
• D) $4,800

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