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Long Term Debt
 12 Months Ended
Feb. 28, 2017
Notes to Financial Statements  
Long Term Debt

NOTE 9: LONG-TERM DEBT

 

Long-term debt consists of the following:

 

   February 28,   February 29, 
   2017   2016 
         
Note payable, bank, collateralized by land and buildings, payable in monthly installments of principal and interest of $16,358 through January 2024.  Interest rate 4.15%.  10 year term.   1,176,348    1,319,737 
           
Total long term debt   1,176,348    1,319,737 
Due within one year   149,698    143,388 
Due after one year  $1,026,650   $1,176,349 

 

Long-term debt is payable as follows:

 

Fiscal Year ending February 28,    
2018   149,698 
2019   156,119 
2020   162,816 
2021   169,716 
2022   177,081 
Thereafter   360,918 
   $1,176,348