Bramble Corp. issues a $372 000, 6%, 10-year mortgage note on December 3, 2018.

Question

Bramble Corp. issues a $372 000, 6%, 10-year mortgage note on December 3, 2018. The proceeds from the note are to be used in financing a ne annual installment payments, exclusive of real estate taxes and insurance, of $50,543. Payments are due on December 31 research la orator TI eterm sofre note provide r Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, e.g. 15,250.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue Date Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Pricipal 372000 Interest Rate 6% Period in Years 10 Annual Intsallment 50543 (Principal Balance at Previous End*6%) Cash Payment-Interest Expense Closing Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue Date 372000 1 50543 22320 28223 343777 2 50543 20627 29916 313861 3 50543 18832 31711 282149 4 50543 16929 33614 248535 5 50543 14912 35631 212904 6 50543 12774 37769 175136 7 50543 10508 40035 135101 8 50543 8106 42437 92664 9 50543 5560 44983 47681 10 50543 2863 47680 0 I think you asked upto 4 years; I have completed the entire period calculation

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