DueNorth Mining Inc. purchased some crushing equipment on July 1, 2020 for $308,000. A down payment of $28,000 was required and the remainder was financed with a 7% instalment loan payable over 5 years with payments made on a quarterly basis. The quarterly payments required are $16,714 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 balance Payment Interest Principal loan balance 9/30/20 $280,000 $16,714 $4,900 $11,814 $268,186 12/31/20 268,186 16,714 4,693 12.021 256,165 3/31/21 256,165 16,714 4,483 12,231 243.934 6/30/21 243,934 16,714 4,269 12,445 231,489 9/30/21 231,489 16,714 4,051 12,663 218,826 12/31/21 218,826 16,714 3,829 12,885 205,941