Question: Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The proceeds from the note are to be used in financing a

Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $41,675. Payments are due on December 31. (a) Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, eg. 15,250.) Annual Interest Period Issue Date 1 2 3 4 6A $ Cash Payment 6A $ Interest Expense 69 $ Reduction of Principal Princip

Qullumber Electronics issues a $355,500,3%,10-year morteage note on December 31, 2021. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments exclusive of real estate twoes and insurance, of \$41.675. Payments are due on December 31. (a) Prepare an instaliment poyments schedule for the first 4 years. (pound answers to 0 decimal places, es, 15,250)

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