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Amelia Inc. issued a 5-year, 5% note when the prevailing interest rate was 5%. This...

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Accounting

Amelia Inc. issued a 5-year, 5% note when the prevailing interest rate was 5%. This note will be repaid in monthly payments, which should include both interest and principal repayment. The face amount of the note was $30,000. How much will each payment on the note be? Amelia Inc. issued a 5-year, 5% note when the prevailing interest rate was 5%. This note will be repaid in monthly payments, which should include both interest and principal repayment. The face amount of the note was $30,000. How much will each payment on the note be?

$125

$500

$566

$6,929

$1,500

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