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General Accounting Discussions: Setting up Note Payable Schedule

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    • CommentAuthorlball1
    • CommentTimeNov 15th 2009
     
    Working on a final project for accounting software class. Have to set up company from scratch with info provided by instructor. Need Note Payable schedules set up. I have all of them done except for the following info. Any help would be greatly appreciated.

    INFO PROVIDED BY INSTRUCTOR:
    Purchased Lab Equipment (7 year tax life) form "Photonics". Photonics offered me a zero interest loan for $20,000 (total). The note is due in 5 years. We must make monthly payments beginning today. A similiar situation would bear an 8% compounding interest. No salvage value. ***Remember, you must figure the actual cost of the Lab Equipment*** You will need to use a Financial Calculator which can be found online. This is an annuity due type loan. (payments made on day one)
    Thankful People: sarijane

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