Happy Valley, a taxpaying Healthcare Organization is considering the purchase of a Siemens cardiac catheterization unit. The cost of the unit is $1 million. The unit will be depreciated over ten years on a straight-line basis to a zero salvage value. At the end of five years, the unit could be sold for its book value of $500,000. The borrowing alternative is a five-year loan covering the entire cost of the scanner at an interest rate of 12 percent.

Develop a loan amortization schedule for debt borrowing. i.e. calculate the annuity payments, interest expense, principal payment and remaining balance for the five years. Provide equations, table, and thorough steps.