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Talkington Electronics issues a $357,500, 14%, 10-year mortgage note on December 31, 2014. The proceeds from the note are to be used in financing a
Talkington Electronics issues a $357,500, 14%, 10-year mortgage note on December 31, 2014. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $33,745. Payments are due June 30 and December 31.
Prepare a installment payments schedule for the first 2 years. (Round answers to 0 decimal places, e.g. 15, 250.) Semiannual Interest Period Cash Payment Reduction of Principal Interest Expense Issue Date Principal BalanceStep by Step Solution
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