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On July 1,2019, Boston Company purchased a machine at a cost of $80,000. It paid...

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Accounting

On July 1,2019, Boston Company purchased a machine at a cost of $80,000. It paid $56,046.06 in cash and signed a 10% note for the difference. This note is to be paid off in annual installments of $5,000 each, payable each July 1, beginning immediately. The $5,000 includes a payment of interest on the balance of the principal at the beginning of each period and a payment on the principal.
Required:
Calculate the number of annual payments to be made by Boston.

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