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Long Term Debt
 12 Months Ended
Feb. 28, 2019
Notes to Financial Statements  
Long Term Debt

NOTE 9: LONG-TERM DEBT

 

Long-term debt consists of the following:

 

   February 28, 
   2019   2018 
         
Note payable, bank, collateralized by land and buildings, payable in monthly installments of principal and interest of $16,358 through January 2024 with an interest rate of 4.15% and a 10-year term.   870,531    1,026,651 
           
Total long-term debt   870,531    1,026,651 
Due within one year   162,816    156,119 
Due after one year  $707,715   $870,532 

 

Long-term debt is payable as follows:

 

Fiscal Year ending February 28,     
2020    162,816 
2021    169,716 
2022    177,081 
2023    184,677 
2024    176,241 
    $870,531