Please explain the steps in order to solve this. As well as provide the solutions.

On January 1, Year 1, Beatie Co. borrowed $390,000 cash from Central Bank by issuing a five-year, 5 percent note. The principal and interest are to be paid by making annual payments in the amount of $90,080. Payments are to be made December 31 of each year, beginning December 31, Year 1. Required Prepare an amortization schedule for the interest and principal payments for the five-year period. (Round your answers to the nearest dollar amount.) BEATIE CO. Amortization Schedule $390,000, 5-Yr. Term Note, 5% Interest Rate Prin. Bal. Cash Pay. Applied to Applied to on Jan. 1 Dec. 31 Interest Principal $ 390,000 Year Prin. Bal. End of Period Year 1 Year 2 Year 3 Year 4 Year 5