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Swifty 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

Swifty 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) Fill in the missing amounts. 5t 1 Cash Payment Interest Expense Reduction of Principal Principal Balance ite $40,000 $ $9,756 $6,956 33,044 2,313 25,601 7,964 1,235 9,116 640 9,116

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