DueNorth Mining Inc. purchased some crushing equipment on July 1, 2020 for $361,000. A down payment of $21,000 was required and the remainder was financed with a 6% instalment loan payable over 5 years with payments made on a quarterly basis. The quarterly payments required are $19,804 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 $340,000 $19,804 $5,100 $14,704 $325,296 12/31/20 325,296 19,804 4,879 14.925 310,371 4 3/31/21 310,371 19,804 4,656 15,148 295,223 6/30/21 295,223 19,804 4,428 15,376 279,847 9/30/21 279,847 19,804 4,198 15,606 264,241 12/31/21 264.241 19,804 3,964 15,840 248,401