CIT T Th LT Paddy's needs some additional funding but cannot find any more people to buy bonds. Thus, they resort to debt financing. After negotiating with M&T, they take out an installment note for $150,000 to expand their business. The terms of the note include 4.5% annual interest and monthly installment payments for 1 year. Step 1: Find their monthly cash payment Step 2: Create Paddy's schedule of payments: Period BOY Balance Interest Expense Note Payable Total Payment EOY Balance 1 2 3 4 5 6 7 8 9 10 11 12