On January 1, Year 1, Beatie Co. borrowed $270,000 cash from Central Bank by issuing a five-year, 5 percent note. The principal and interest are to be paid by making annual payments in the amount of $62.363. Payments are to be made December 31 of each year, beginning December 31, Year 1. Required Prepare an amortization schedule for the interest and principal payments for the five-year period. (Round your answers to the nearest dollar amount.) Year Prin. Bal. End of Period BEATIE CO. Amortization Schedule $270,000, 5-Yr. Term Note, 5% Interest Rate Prin Bal Cash Pay. Applied to Applied to on Jan. 1 Dec. 31 Interest Principal $ 270,000 $ 62,363 $ 13,500 $ 48,863 221,137 62 3631 62 3631 8.4921 5 3 871 62 3631 5,798 56,565 62,363 2,970 59.393 $ 221,137 Year 1 Year 2 Year 3 Year 4 Year 5 |