Matrix Consulting Agency signed a 10-year, 5.00%, $600,000 mortgage on June 30, 2021, to help finance a new office building. The mortgage terms provide for semi-annual payments of $38,488. Payments are due on December 31 and June 30. The companys year end is June 30.

(a)

Prepare an instalment payment schedule for the first two years. (Round answers to the nearest whole dollar, e.g. 5,275.)

Semi-annual Interest Period		Cash Payment		Interest Expense		Reduction of Principal		Principal Balance
June 30, 2021								$
Dec. 31, 2021		$		$		$
June 30, 2022
Dec. 31, 2022
June 30, 2023

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