Sampson Corp. purchased a piece of equipment by issuing a $20,000, 6% installment note payable 1 answer below »

Sampson Corp. purchased a piece of equipment by issuing a $20,000, 6% installment note payable. Quarterly payments on the note are $1,165. What will be the reduction in the principal portion of the note payable that results from the first payment?

(a) $1,165.

(b) $300.

(c) $865.

(d) $1,200.

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