Good Luck!
Question 3
0.5 pts
On November 1, Year 1, Orange Company borrowed $56,000 on a 9%, 10-year note with annual installment
payments of $5600 plus interest due on November 1 of each succeeding year. On November 1, Year 3, what
is the balance of the Long-Term Notes Payable account? (Round your answer to nearest whole number.)
? $44,800
? $5600
? $56,000
$50,400