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Sheffield Inc. received a five-year bank loan bearing interest at 7% with principal and interest instalment payments due annually. The following instalment payment schedule

Sheffield Inc. received a five-year bank loan bearing interest at 7% with principal and interest instalment payments due annually. The following instalment payment schedule is partially completed: (a) Your answer is partially correct. Fill in the missing amounts. t te Cash Payment $17,073 17073 +A Interest Expense Reduction of Principal Principal Balance $70,000 4900 $12,173 57,827 13025 4,048 44,802 17073 3136 13,937 17073 14912 2,161 15,953 17073 1,120 0 15,953

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