RECOMMENDED!!ACCT 101-Dodson Co. is planning to finance an expansion
Dodson Co. is planning to finance an expansion of its operations by borrowing $120,000. City Bank has agreed to loan Dodson the funds. Dodson has two repayment options: (1) to issue a note with the principal due in 10 years and with interest payable annually or (2) to issue a note to repay $12,000 of the principal each year along with the annual interest based on the unpaid principal balance. Assume the interest rate is 8 percent for each option.What amount of interest will Dodson pay in year 1? Under option 1?Under option 2?What amount of interest will Dodson pay in year 2?Under option 1?Under option 2?
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