On November 1, 2015, EZ Products Borrowed $48,000 on a 5

question 143

Multiple Choice

On November 1, 2015, 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 November 1, 2016, what will the balance be in the Long-Term Notes Payable account?

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

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