DueNorth Mining Inc. purchased some crushing equipment on July 1, 2020 for $300,000. A down payment of $30,000 was required and the remainder was financed with a 8 % instalment loan payable over 5 years with payments made on a quarterly basis. The quarterly payments required are $16,512 and include both interest and principal. The following is an extract from the loan amortization table the supplier provided to DueNorth: Beginning loan Payment Dates Ending loan balance Payment Interest Principal balance 9/30/20 $270,000 $16,512 $5,400 $11,112 $258,888 12/31/20 258,888 16,512 5.178 11,334 247,554 3/31/21 247,554 16,512 4,951 11,561 235,993 6/30/21 235.993 16,512 4,720 11,792 224,201 9/30/21 224,201 16,512 4,484 12,028 212,173 12/31/21 212,173 16,512 4,243 12,269 199,904