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 second year.

Determine the interest expense Peachtree Company should record in the second year. $ 1734.83

Explanation:

Interest = balance x interest %

              =24783.28*7%

               =1734.83

Due Date""Payment                InterestPrincipalBalance

                                      30.000,00

11/1/207.316,72  2.100,005.216,7224.783,28

21/1/217.316,72  1.734,835.581,8919.201,39

31/1/227.316,72  1.344,105.972,6213.228,77

41/1/237.316,72  926,016.390,716.838,06

51/1/247.316,72  478,666.838,060,00

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