Question: ABC Lab Corp. issues a $980,000, 5.25%, 12-year mortgage note on December 31, 2019. The terms of the note provide for annual install payments, exclusive

ABC Lab Corp. issues a $980,000, 5.25%, 12-year mortgage note on December 31, 2019. The terms of the note provide for annual install payments, exclusive of real estate taxes and insurance, of $100,000. Payments are due on December 31.

a. Complete the following taBLE.

\f\f\fAnnual Cash Payment Interest Reductilon of Principal Balance Interest Expense Principal Period Issue Date 1

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