Bramble Corp. borrowed $870000 from Liber Bank on January 1, 2019 in order to expand its mining capabilities. The note required annual payments of $220776 and carried an annual interest rate of 8.5%. What is the balance in the notes payable account at December 31, 2020 if payments are made at the end of each year

$563,867.79

Explanation:

Notes annual payments = $220,776

Notes payable January 1, 2019 = $870,000

Interest for the year 2019 = $870,000*8.5% = $73,950

Principal payment for 2019 = $220,776 - $73,950 = $146,826

Notes payable at the end of year 2019 = $870,000 - $146,826 = $723,174

Interest for the year 2020 = $723,174 * 8.5% = $61,469.79

Principal payment for 2020 = $220,776 - $61,469.79 = $159,306.21

Notes payable at the end of year 2021 = $723,174 - $159,306.21 = $563,867.79

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