E$10\mathrm{.}5($LO $2)($Recond mortgage payable.$)$ On December $31,2023,$ Ste$-$Anne Corp$-$ obtained a $10-$ycar, $5\%,$ $$150,000$ mortgage loan from a bank to finance the purchase of a building in the future. The terms provide for semi$-$annual instalment payments of principal and interest on June $30$ and December $31.$

Instructions

a$.$ Record the obtaining of the mortgage payable on December $31,2023.$

b$.$ Recond the first two instalment pryments on June $30,2024,$ and December $31,2024,$ assuming each payment is $$9\mathrm{.}622.$ Round all amounts to the nearest dollar.

c$.$ Explain why interest expense is lower on the second payment.