Applying Time Value of Money Concepts

Fulton Corporation purchases new manufacturing facilities and assumes a $10$ year mortgage of $$6$ million. The annual interest rate on the mortgage is $5\mathrm{.}5\%$ and payments are due at the end of each year.

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

Round to the nearest dollar.

$($$ Answer $1)$

b$.$ prepare a mortgage amortization schedule for the $10$ years. At the end of the first year, what amount will Fulton include as "current maturities of long$-$term debt" on its balance sheet?

Round to the nearest dollar.

$($$ Answer $2)$