Peachtree Company borrows $30,000 from the local bank at 7% interest. The term of the note is five years, and the annual payments remain constant at $7,317. Determine the interest expense Peachtree Company should record in the first year.

$2,100

Explanation:

The value of the loan is $30,000

Interest rate is 7%

Annual payments are constant, indicating simple interest is being applied.

Interest expense on the first year will be

I = P x R x T

where

P is the principal amount. $30,000

R is interest rate 7 % or 0.07

T is 1 year

I = $30,000 x 0.07 x 1

I = $2,100

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whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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