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On January 1, Year 1, Beatle Company borrowed $320,000 cash from Central Bank by issuing a five-year, 5 percent note. The principal and interest
On January 1, Year 1, Beatle Company borrowed $320,000 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 $73,912. 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. Note: Round your answers to the nearest dollar amount. BEATIE COMPANY Amortization Schedule Cash Year Principal Balance on January 1 Payments December 31 Applied to Interest Applied to Principal Principal Balance End of Period Year 1 Year 21 Year 3 Year 4 Year 5
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