Problem $3$

On January $1,$ Year $1,$ Mayberry Company borrowed cash from Central Bank by issuing a $\backslash$$$75,000$ face value $3-$year installment note payable that carried a $9\backslash \%$ interest rate. The note is to be repaid by making annual cash payments of $\backslash (\backslash$$ $29,629\mathrm{.}11\backslash ),$ which includes both principal and interest. The payments are to be made on December $31$ of each year.

Required:

Prepare an amortization schedule for the term of the loan, showing the amounts to be paid on principal and interest for Year $1,$ Year $2,$ and Year $3,$ and the loan balance at the end of each of those years.