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On January Year Brown Company borrowed cash from First Bank by issuing a $ facevalue, fouryear term note that had an percent annual interest rate. The note is to be repaid by making annual cash payments of $ that include both interest and principal on December of each year. Brown used the proceeds from the loan to purchase land that generated rental revenues of $ cash per year.
Required
a Prepare an amortization schedule for the fouryear period. Round intermediate calculations to nearest dollar amount. Round your answers to the nearest dollar amount.
tableBROWN COMPANYAmortization Schedule$Year Term Note, Interest RateYeartablePrincipalBalanceon January tableCash PaymentDecember tableApplied toInteresttableApplied toPrincipaltablePrincipalBalanceEnd of PeriodYear Year Year Year
