$($E$7\mathrm{.}42.$Rand.D$)-$ Applying Time Value of Money Concepts

Fulton Corporation purchases new manufacturing facilities and assumes a $10$ year mortgage of $$6$ million. The annual interest rate on the mortgage is $5\mathrm{.}5\%$ and payments are due at the end of each year. $($Answer Part C$)$

a$.)$ Determine the mortgage payment that Fulton Corporation must make each year.

Round to the nearest dollar.

Answer a$.)=$ $$796,007(796,006\mathrm{.}61)$

b$.)$ Use Excel to prepare a mortgage amortization schedule for the $10$ years.Enter Rate, Nper $($number of total mortgage payments$),$ and $($PV$)$ mortgage amount $($PV$).$ Enter PV amount as a negative number

To compute PMT$,$ click on Formulas tab, click Insert Function, select PMT and enter values.

To access an Excel template, click the following link: mortgage amortization schedule

c$.$ At the end of the first year, what amount will Fulton include as "current maturities of long$-$term debt" on its balance sheet?

Round to the nearest dollar.

Answer $2=$ $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_($NEED HELP ON THIS ONE$)$