On January 1, 2011, Rupp Co. borrowed $150,000 cash from Central Bank by issuing a fiveyear, 8
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On January 1, 2011, Rupp Co. borrowed \$150,000 cash from Central Bank by issuing a fiveyear, 8 percent note. The principal and interest are to be paid by making annual payments in the amount of \(\$ 37,568\). Payments are to be made December 31 of each year, beginning December 31, 2011.
Required
Prepare an amortization schedule for the interest and principal payments for the five-year period.
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