Exercise 10-2A Amortization schedule for an installment note

On January 1, Year 1, Beatie Co. borrowed $200,000 cash from the Central Bank by issuing a five-year, 6 percent note. The principle and interest are to be paid by making an annual payment in the amount of $47,479. Payments are to be made December 31 of each year. Beginning December 31, Year1.

Required

Prepare a amortization schedule for the interest and principal payments for the five-year period.