$$63,000$ down payment and with cash received through the issuance of a $$357,000,7\%,5-$year mortgage payable issued on January $1,2022.$ The terms provide for annual installment payments of $$87,069$ on December $31.$

$($a$)$

Your answer is partially correct.

Prepare an installment payments schedule for the first five payments of the notes payable. $($Round answers to $0$ decimal places, e$.$g$.125.)$

Cash

Payment

Interest

Expense

Reduction

of Principal

Principal

Balance