An Installment Note Payable for a Principal Amount of $94,000

question 46

Multiple Choice

An installment note payable for a principal amount of $94,000 at 6% interest requires Lawson Company to repay the principal and interest in equal annual payments of $22,315 beginning December 31, of the first year, for each of the next five years. After the final payment, the carrying amount on the note will be

• A) $1,263
• B) $21,053
• C) $22,315
• D) $0

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Definitions:

Advantages and Disadvantages

The positive and negative aspects or consequences of a situation, decision, item, or policy.

Negative Cognitive Triad

A cognitive therapy concept where an individual harbors negative views about the self, the world, and the future.

Depression

A mood disorder that causes persistent feelings of sadness and loss of interest, affecting daily functioning.

Psychosocial Contributors

Factors in an individual's psychological development and social environment that contribute to their mental health and behavior.