Problem Data XYZ Co. issued a $50,000 Note Payable to ABC Co. on January 1, 2016, The term of the note is 5 years and bears 5% annual interest Payments are due quarterly, on March 31, June 30, September 30 and December 31 of each year Calculations 1. Prepare an amortization table detailing the quarterly payment, allocation of each payment between interest and principal and the balance of the Note after each payment. Round the values to the nearest whole dollar. Note the formula hints above the table columns Note Terms enter data in blue cells enter formulas in yellow cells remember to prorate annual interest rate remember, 4 periods per year! Annual Interest Rate uarterly Interest Rate Number of Periods Principal Quarterly Payment This will compute automatically prior period (4) current period (3) use the "PMT formula (4) x quarterly to c te this value interest rate (2) Interest opening balance Pmt Date 1) Cash Pmt (3) Principal (4) Note Balance 50,000.00 3/31/16 6/30/16 9/30/16 12/31/16 3/31/17 6/30/17 9/30/17 12/31/17 3/31/18 6/30/18 9/30/18 12/31/18 3/31/19 6/30/19 9/30/19 12/31/19 3/31/20 6/30/20 9/30/20 12/31/20 enter formulas in yellow cells 2. What is the amount of Interest Expense XYZ will report for the calendar year ending December 31, 2017? Interest Expense