Question: Problem 15-04A a-c (Part Level Submission) (Video) Pharoah Electronics issues a $393,500, 5%, 15-year mortgage note on December 31, 2019. The proceeds from the note

Problem 15-04A a-c (Part Level Submission) (Video)

Pharoah Electronics issues a $393,500, 5%, 15-year mortgage note on December 31, 2019. 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 $50,960. Payments are due on December 31.

(a)

Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, e.g. 15,250.)

Annual Interest Period	Cash Payment	Interest Expense	Reduction of Principal	Principal Balance
Issue Date				$
1	$	$	$
2
3
4

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