On January 1, 2015, Eagle borrows $100k cash by signing a four year 7% installment note. The note requires four equal total payments of accrued interest and principal; on December 31 of each year from 2015 through 2018.

1. Compute the amount of each of the four equal total payments.

2. Prepare an amortization table for this installment note like the one in Exhibit 10.14.