Applying Time Value of Money Concepts Fulton Corporation purchases new manufacturing facilities and assumes a 10-year mortgage of $4 million.

The annual interest rate on the mortgage is 5.5% and payments are due at the end of each year.

a. Determine the mortgage payment that Fulton Corporation must make each year.

b. Use Excel to prepare a mortgage amortization schedule for the 10 years.

c. At the end of the first year, what amount will Fulton include as “current maturities of long-term debt”

on its balance sheet?