An installment note payable for a principal amount of $48,000 at 6% interest requires Lawson Company to repay the principal and interest in equal

An installment note payable for a principal amount of $48,000 at 6% interest requires Lawson Company to repay the principal and interest in equal annual payments of $11,395 beginning December 31, 2008, for each of the next five years. After the final payment, the carrying amount on the note will be 1. $5,425 2. $11,395 3. $8,975 4. $0

Question:An installment note payable for a principal amount of $48,000 at 6% interest requires Lawson Company to repay the principal andinterest in equal annual payments of $11,395 beginning...