On January 1, 2021, Eagle Company borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments, consisting of interest and principal on December 31 of each year from 2021 through 2024.

Required information Use the following information for the Exercises below. (Static) [The following information applies to the questions displayed below.] On January 1, 2021, Eagle Company borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments, consisting of interest and principal on December 31 of each year from 2021 through 2024. HINT: You must use Time Value of Money to determine the amount of the annual payment. Exercise 14-12 (Static) Installment note amortization table LO C1 Prepare an amortization table for this installment note. (Round all amounts to the nearest cent.)