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On January 1, 2022, Lion purchases equipment for $30,000, paying $7,000 down and borrowing the...

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Accounting

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On January 1, 2022, Lion purchases equipment for $30,000, paying $7,000 down and borrowing the remaining $23,000, signing a 5%, 10-year note. Installment payments of $243.95 are due at the end of each month, with the first payment due on January 31, 2022. Round all calculations to the nearest cent. How much of the first payment on January 31, 2022 is interest expense? On January 1, 2022, Lion purchases equipment for $30,000, paying $7,000 down and borrowing the remaining $23,000, signing a 5%, 10-year note. Installment payments of $243.95 are due at the end of each month, with the first payment due on January 31, 2022. Round all calculations to the nearest cent. What is the total amount of interest expense Lion will pay on this loan

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