It is December 31, 2019. You just borrowed $150,000 to purchase some land. You made no down payment, the loan term is 15 years and carries an interest rate of 10%. The annual payment on this loan is $19,721, and your annual payment is on December 31 of each year (you will make your first payment on December 31, 2020).

A. Complete the first few lines of the amortization schedule below:

Partial Amortization Schedule for a $150,000 loan paid over 15 years with annual payments of $19,721 and an interest rate of 10%
Year	Payment	Payment to Principal	Payment To interest	Principal Balance
				$ 150,000.00
2020	$ 19,721.00	$4,721	$15,000	$ 145,279.00
2021	$ 19,721.00
2022	$ 19,721.00
2023	$ 19,721.00

B. What is the interest expense on the loan for the first year (2020), and on which financial statement(s) will it go? $15,000, Cash Flow, Income, Balance Sheet

C. How much principal is due within the first 12 months (through December 31, 2020), and where would it appear on the financial statements?

Periodic Payment Interest Portion = Principal payment

$4721

D. How much principal is remaining beyond 12 months, and where would it appear on the financial statements?

E. How much accrued interest would appear on the balance sheet as of July 15, 2020?

It is now February 28, 2022 (you made your last payment on December 31, 2021). See your amortization schedule in Part A for loan balances.

A. How much interest will you owe by the end of this year (2022)?

B. How much principal will you repay this year?

C. How much principal is remaining beyond 12 months?

D. How much accrued interest would go on the February 28, 2022 Balance Sheet?