Exercise 10-2B Amortization schedule for an installment note On January I, Year I, Monroe Co. borrowed $80,000 cash from First Bank by issuing a four-year, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of $23,087. Payments are to be made December 31 of each year, beginning December 31 , Year 1 . Required Prepare an amortization schedule for the interest and principal payments for the fouryear period. EXERCISE 10-2B *Slight rounding is required in Year 4