Pharmaceutical Dispensary borrowed $ 630 comma 000 on January 2, 2018, by issuing a 15 % serial bond payable that must be paid in three equal annual installments plus interest for the year. The first payment of principal and interest comes due January 2, 2019. Complete the missing information. Assume bonds are issued at face value

$273 ,000 being the equal  installments for  all the three years

Explanation:

I year interest  = $ 630,000 ×15÷100 = 94,500

II year interest = $420,000×15÷100 =  63,000

III year interest = $210 ,000×15÷100 =  31,500

Total interest = 94,500+63,000+31,500 = 189.000

Installments payment with interest for each year is=

(630,000 + 189,000 = 819,000÷ 3 = 273,000)

  = $273 ,000 being the equal  installments for  all the three years

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