March 1. Borrowed $280,000 from Margate Bank. The eight-year, 7% note requires payments due annually, on March 1. Each payment consists of $35,000 principal plus one year's interest. Dec. 1 Mortgaged the warehouse for $350,000 with Sage Bank. The mortgage requires monthly payments of $6000. The interest on the note is 12% and accrues monthly. The first payment is due on Jan. 1, 2017

Beginning Balance

Principal Balance

Interest Expense

Total Payment

Ending Balance

12/01/2016

$350,000

1/01/2017

2/01/2017

3/01/2017

4/01/2017

5/01/2017

6/01/2017

7/01/2017

8/01/2017

9/01/2017

10/01/2017

11/01/2017

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