i need the answer quickly A company has decided to purchase equipment, needing to borrow $100,000 from its local bank to make thepurchase. The bank gives the company two options: (a) 60-month installment note with 4% interest or (b) 120-month installment note with 8% interest. Lenders often charge a higher interest rate for longer-term loans tocompensate for additional risk of lending for a longer time period.Required:Complete this question by entering your answers in the tabs below.Required 1 Required 2Required 3 Required 4Required 5Required 6Record the first monthly payment of the 120-month installment note with 8% interestView transaction listJournal entry worksheet1Record the first monthly payment of the 120-month installment note with 8%interest.Note: Enter debits before credits.Transaction1General JournalDebitCredit

To calculate the first monthly payment for the 120-month installment note with 8% interest, we can…

A company has decided to purchase equipment, needing to borrow $100,000 from its local bank to make the purchase. The bank gives the company two options: (a) 60-month installment note with 4% interest or (b) 120- month installment note with 8% interest. Lenders often charge a higher interest rate for longer-term loans to compensate for additional risk of lending for a longer time period.