Exercise 7-10 Amortization schedule for an installment note [LO 5]

On January 1, 2012, Rupp Co. borrowed $150,000 cash from Central Bank by issuing a five-year, 8 percent note. The principal and interest are to be paid by making annual payments in the amount of $37,568. Payments are to be made December 31 of each year, beginning December 31, 2012.

Required:

Prepare an amortization schedule for the interest and principal payments for the five-year period. (Round your answers to the nearest whole dollar amount. Leave no cells blank - be certain to enter "0" wherever required. Make sure that the Principal Balance at the end of the 5th year equals to "0'' and the Applied to Principal is adjusted accordingly and Applied to Interest in the last period should be calculated as Cash Payment (-) Applied to Principal. Omit the "$" sign in your response.)

Roup Co
Amortization Schedule
$150,000, 5-Yr. Term Note, 8% Interest Rate
Year	Prin. Bal.	Cash Pay.	Applied to	Applied to	Prin. Bal.
	on Jan 1	Dec. 31	Interest	Principal	End of Period
2012	$	$	$	$	$
2013
2014
2015
2016