On January 1, 2007, Mooney Co. borrowed \($60,000\) cash from First Bank by issuing a four-year, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of \($17,315\) . Payments are to be made December 31 of each year, beginning December 31, 2007.

Required:
Prepare an amortization schedule for the interest and principal payments for the four-year period.