A partial amortization schedule for a 5-year note payable that Mabry Company issued on January 1, 2018, is shown as follows. accounting period principal balance cash payment app. to interest app to principal 2018 136000 34965 12240 22725 2019 113275 34965 10195 24770 2020 88505 34965 7965 27000 what is the rate of interest being paid in percentage?
A partial amortization schedule for a 5-year note payable that Mabry Company issued on January 1, 2018, is shown as follows. accounting period principal balance cash payment app. to interest app to principal 2018 136000 34965 12240 22725 2019 113275 34965 10195 24770 2020 88505 34965 7965 27000 what is the rate of interest being paid in percentage?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A partial amortization schedule for a 5-year note payable that Mabry Company issued on January 1, 2018, is shown as follows.
| accounting period | principal balance | cash payment | app. to interest | app to principal |
| 2018 | 136000 | 34965 | 12240 | 22725 |
| 2019 | 113275 | 34965 | 10195 | 24770 |
| 2020 | 88505 | 34965 | 7965 | 27000 |
what is the rate of interest being paid in percentage?
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