On November 1, 2011, Leetch Ltd. borrows $430,000 cash from a bank by signing a

Question

On November 1, 2011, Leetch Ltd. borrows $430,000 cash from a bank by signing a five-year installment note bearing 5% interest. The note requires equal total payments each year on October 31. (Use Table B.3)

Compute the total amount of each installment payment. (Round "PV Factor" to 4 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.)

Complete an amortization table for this installment note. (Please calculate interest expense in the final period as the amount of cash minus the amount of the Beginning balance and make sure that the ending balance in the last period equals to "0". Leave no cells blank - be certain to enter "0" wherever required. Round "PV Factor" to 4 decimal places and final answers to the nearest dollar amount. Omit the "$" sign in your response.)

Accrued interest as of December 31, 2011 (the end of its annual reporting period). (Do not round intermediate calculations and round your final answers to the nearest dollar amount. Omit the "$" sign in your response.)

The first annual payment on the note. (Round "PV Factor" to 4 decimal places. Do not round intermediate calculations and round your final answers to the nearest dollar amount. Omit the "$" sign in your response.)

Compute the total amount of each installment payment. (Round "PV Factor" to 4 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.)

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