Problem 15-04A a-c (Part Level Submission) (Video) Sandhill Electronics issues a

Question

Problem 15-04A a-c (Part Level Submission) (Video) Sandhill Electronics issues a $352,500, 5%, 15-year mortgage note on December 31, 2019. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $45,650. Payments are due on December 31. (a Prepare an installment payments schedule for the first 4 years. (Round answers to O decimal places, e.g. 15,250.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue Date 2

Explanation / Answer

352500 33961 45650 17625 334875 33961 45650 16744 318131 33961 45650 15907 302225 33961 45650 15111 287113

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