Current Attempt in Progress

On December $31,2025,$ American Bank enters into a debt restructuring agreement with Swifty Company, which is now experiencing

financial trouble. The bank agrees to restructure a $12\%,$ issued at par, $$3,810,000$ note receivable by the following modifications:

Reducing the principal obligation from $$3,810,000$ to $$3,048,000.$

Extending the maturity date from December $31,2025,$ to January $1,2029.$

Reducing the interest rate from $12\%$ to $10\%.$

Swifty pays interest at the end of each year. On January $1,2029,$ Swifty Company pays $$3,048,000$ in cash to American Bank.Your answer is partially correct.

$($c$)$ Assuming that the interest rate Swifty should use to compute interest expense in future periods is $1\mathrm{.}4276\%,$ prepare the interest

payment schedule of the note for Swifty Company after the debt restructuring. $($Round answers to $0$ decimal places, e$.$g$.38,548.)$