On January 1, 2024, SCHOLASTIC Inc. borrowed $1,200,000 from…
On January 1, 2024, SCHOLASTIC Inc. borrowed $1,200,000 from CapitalBank. The loan was structured as a three-year installment note to be paid in equal payments of $448,932 at the end of each year. The interest rate of 6% was agreed upon by both parties. How much of the payment on the installment note is for the principal in 2025?