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Crane Inc. received a five-year bank loan bearing interest at 7% with principal and interest instalment payments due annually. The following instalment payment schedule

Crane Inc. received a five-year bank loan bearing interest at 7% with principal and interest instalment payments due annually. The following instalment payment schedule is partially completed: (a) Fill in the missing amounts. Interest Period Cash Payment Issue date 1 Interest Expense Reduction of Principal Principal Bala $ 5.217 $7,317 2 1,735 5,973 1,735 926 926 $5,217 5,973 5 480 480 6,837

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