Omega Chemicals Ltd. took a $500,000 two-year note receivable from a customer in connection with a major sale transaction on 1 May 20X7. The note required annual 30 April interest payments of 6%, and the principal was due on 30 April 20X9. Omega has a 31 December year-end.I need question 3 finished.

2. Assume now that the market interest rate is 7%. Calculate the present value of the note, and prepare a schedule that shows the interest for each year of the note receivable. (Round time value factor to 5 decimal places and intermediate calculations and final answers to the nearest whole dollar amount. Enter all answers in positive.) Present value S 490,960 Opening Net Interest Interest Paid/ Liability Discount Closing Net Receivable Expense/Revenue Received Amortization Liability Receivable S 490,960 s 34,367 S 30,000 $ 26,203 s 495,327 S 34,6731 30,000 28,037 500,000 495,327 2. Assume now that the market interest rate is 7%. Calculate the present value of the note, and prepare a schedule that shows the interest for each year of the note receivable. (Round time value factor to 5 decimal places and intermediate calculations and final answers to the nearest whole dollar amount. Enter all answers in positive.) Present value S 490,960 Opening Net Interest Interest Paid/ Liability Discount Closing Net Receivable Expense/Revenue Received Amortization Liability Receivable S 490,960 s 34,367 S 30,000 $ 26,203 s 495,327 S 34,6731 30,000 28,037 500,000 495,327