Crosetti's Electronics issues an $800,000, 8%, 10-year mortgage note on Dec 31, 2022, to help finance a plant expansion program. The terms of the note provide for annual installment payments of $119,224 each Dec 31. 10-6 Copyright 2015 John Wiley & Sons, Inc Weygandt Financial and Managerial Accounting 2v, Solutions Manual (For instructor Use Only) This problem directly applies to YOU if you have any "monthly payments" from a credit card, car loan or a mortgage. Ex: You owe $1,000 on your credit card at 19% interest. You always pay the "minimum monthly payment" of 2%... $20 per month. For 2 bonus points... Use this Debt Repayment Calculator to answer "How long will it take you to pay off this credit card? or copy/paste this link: https://www.myfinancialgoals.org/credit-card-minimum-payment- calculator?source=8552352600&network=g&campaign=957905197&adgroup=6146463 9320&matchtype=&keyword=&device=c&creative=324240436707&gclid=EAlalQobChM lornm24-e9glVph6tBh2VMAyoEAAYAIAAEgJjdvD_BwE Your BONUS Answer?? Instructions (Round all computations to the nearest dollar.) (a) Prepare an "installment payments schedule" for the first four payments of the mortgage payable Annual Interest Cash Payment Interest Expense Reduction of Principal Principal Balance Period Issue Date 800,000 1 119,224 2 119,224 Accessibility: Unavailable 218 F 99+ xt Predictions On arch 71F Focus This problem directly applies to YOU if you have any "monthly payments" from a credit card, car loan or a mortgage. Ex: You owe $1,000 on your credit card at 19% interest. You always pay the "minimum monthly payment" of 2%... $20 per month. For 2 bonus points... Use this Debt Repayment Calculator to answer "How long will it take you to pay off this credit card? or copy/paste this link: https://www.myfinancialgoals.org/credit-card-minimum-payment- calculator?source=8552352600&network=g&campaign=957905197&adgroup=6146463 9320&matchtype=&keyword=&device=c&creative=324240436707&gclid=EAlalQobChM lornm24-e9glVph6tBh2VMAyoEAAYAIAAEgJjdvD BwE Your BONUS Answer?? Instructions (Round all computations to the nearest dollar.) (a) Prepare an "installment payments schedule" for the first four payments of the mortgage payable Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue Date I 800,000 1 119,224 2 119,224 3 119,224 4 119,224 Issue date 1) Interest Expense = (Principal Bal x 8%) Issue date 1) Reduction of Principal (Cash Pymt - Int Exp) Issue date 1) Principal Balance = (Previous Principle - Reduction of Principal)