On december 1, 2018, garden products borrowed $92,000 on a 5%, 10-year note with annual installment payments of $9,200 plus interest due on december 1 of each subsequent year. which of the following describes the first installment payment made on december 1, 2019? (round your answer to the nearest whole number o a. $4,600 interest only o b. $9,200 principal plus $460 interest o c. $9,200 principal plus $4,600 interest o d. $9,200 principal plus $9,200 interest

C. $9,200 principal plus $4,600 interest

Explanation:

For computing the first installment payment, first, we have to compute the interest amount because the first installment is a sum of a principal + interest. So, the interest would be  

= Borrowed amount × rate  

= $92,000 × 5%

= $4,600

So, the first installment would be

= Principal + interest

= $9,200 + $4,600

= $13,800

The 10-year time duration is ignored because we have to compute for December 1 and the same date is given in the question in which the annual installment payment is due. Hence, it is not considered in the computation part.

answer; communities of interest; i believe this is correct, plz check first good luck;

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