Question: On September 1, Sheehan Inc. signed a 5.5% mortgage (installment) note for $340,000. The monthly payment of $2,000 is due on the last day of

On September 1, Sheehan Inc. signed a 5.5% mortgage (installment) note for $340,000. The monthly payment of $2,000 is due on the last day of each month. Complete the amortization table for the first three loan payments. When required, round your answers to nearest cent.

Amortization Table Monthly Unpaid Balance Payment Unpaid Balance at Interest Reduction in Date Beginning of Month Payment Expense Principal of Debt at End of Period Sep. 30 340000 2000 -18700 340000 338000 Oct. 31 338000 2000 336000 Nov. 30 336000 2000 334000

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