Question: I do not understand how to calculate the following problem. Problem 10-13A Grace Herron has just approached a venture capitalist for financing for her new

I do not understand how to calculate the following problem.

Problem 10-13A Grace Herron has just approached a venture capitalist for financing for her new business venture, the development of a local ski hill. On July 1, 2013, Grace was loaned $293,000at an annual interest rate of6%. The loan is repayable over5years in annual installments of $69,557, principal and interest, due each June 30. The first payment is due June 30, 2014. Grace uses the effective-interest method for amortizing debt. Her ski hill companys year-end will be June 30.

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Prepare an amortization schedule for the 5 years, 20132018.

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