Problem 1: I paid monthly payments on mortgage, interest portion is $1190 annual interest and principal amounts ( needed for later requirements 3) are: Year 2016 payments $24,600 Interest $15,500 Principal $9,100;2017 payments $24,600 Interest $13,600 and principal 11,000. I calculated Mortgage payable 24,600 Interest payable Interest Expense 15,500 Principal Expense 9,100 Cash 49,200. 2017: Mortgage payable 24,600 Interest Expense 13,600 and Principal Expense 11,000 and Cash 49,200. Problem 2. Purchased new truck, paid $10,000 cash and financed $40,000 balance on a 3 year installment contract