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Monty Inc. financed the purchase of equipment costing $86,000 on January 1, 2017 using a note payable. The note requires Monty to make annual $24,253

Monty Inc. financed the purchase of equipment costing $86,000 on January 1, 2017 using a note payable. The note requires Monty to make annual $24,253 payments of blended interest and principal on January 1 of the following 4 years, beginning January 1, 2018. The note bears interest at the rate of 5%.

Required: Prepare the debt amortization schedule for the note over its term

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