Chapter 10 - LT Note Payable, Equal Payments -Practice question

Dcor Stores Ltd borrowed $400,000 November 1, 2020 from CIBC. Interest will be charged at a rate of 6% and the loan is to be repaid in four equal payments (1 payment per year for 4 years - the first payment will occur on October 31, 2021). Complete a loan amortization schedule showing the 4 payments and break down each payment between interest and principal:

Use the following table as a guide your preparation of an instalment payment schedule:

Period