Answer:
Annual interest period | Cash payment | Interest expenses@10% | Reduction Principal | Principal Bal |
A | B | C=** | D=B-C | E=E-D |
Issue date | 0 | 0 | 0 | 2,46,000 |
12/31/23 | 41,000 | 24,600 | 16,400 | 2,29,600 |
12/31/24 | 41,000 | 22,960 | 18,040 | 2,11,560 |
**12/31/23= 246,000*10% | ||||
**12/31/24= 229,600*10% |
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