Multiple Choice
On March 1,2016,Mandau Services issued a 7% long-term notes payable for $21,000.It is payable over a 3-year term in $7,000 principal installments on March 1 of each year,beginning March 1,2017.Each yearly installment will include both principal repayment of $7,000 and interest payment for the preceding one-year period.What is the amount of total cash payment that Mandau will make on March 1,2017?
A) $7,000
B) $8,470
C) $21,000
D) $7,735
Correct Answer:
Verified
Correct Answer:
Verified
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