Hu Consulting needs to borrow $250,000 and is trying to determine what type of debt instrument to use. The company is considering two debt instruments: a long-term notes payable and a mortgage payable. The interest rate on both instruments is 6% and both instruments mature in ten years. The mortgage payable requires monthly payments of $2,775.51. The money will be borrowed on January 1, 2020.

B. Create an amortization schedule for the first two monthly payments of the mortgage payable. The first payment will be made on January 31, 2020, and the second payment will be made on February 29, 2020