Problem 1 On 1/1/01. The Silence, LLC entered a mortgage in order to purchase new facilities. Assuming the interest rate was 5%, number of monthly payments was for 10 years, and the total purchase price of the facilities was $1,000,000 - prepare the amortization schedule for The Silence. Prepare the Journal Entry for the issuance and the 3nd installment payment After 7 years, The Silence decided to pay the remaining balance off, record the entry