Attempt in Progress A DueNorth Mining Inc. purchased some crushing equipment on July 1, 2020 for $384,000. A down payment of $24,000 was required and the remainder was financed with a 7% instalment loan payable over 5 years with payments made on a quarterly basis. The quarterly payments required are $21,489 and include both interest and principal. The following is an extract from the loan amortization table the supplier provided to DueNorth: Payment Dates Beginning loan Ending loan balance Payment Interest Principal balance 9/30/20 $360,000 $21.489 $6,300 $15.189 $344,811 12/31/20 344,811 21,489 6.034 15.455 329.356 3/31/21 329.356 21,489 5.764 15,725 313.631 6/30/21 313.631 21.489 5,489 16.000 297.631 9/30/21 297.631 21.489 5.209 16.280 281,351 12/31/21 281.351 21.489 4.924 16.565 264.786