Question

On January 1, 2017, Eagle borrows $33,000 cash by signing a four-year, 6% installment note. The note requires four equal payments of $9,524, consisting of accrued interest and principal on December 31 of each year from 2017 through 2020. (Table B.1, Table B.2, Table B.3, and Table B.4) (Use appropriate factor(s) from the tables provided.)
  
Prepare an amortization table for this installment note.
  

Answer 1

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Please find below the answer
Statementshowing Computations
Year	Beginning Bal	Interest at 6%	Payment	Principal repayment	Ending balance
2017	33,000.00	1,980.00	9,524.00	7,544.00	25,456.00
2018	25,456.00	1,527.36	9,524.00	7,996.64	17,459.36
2019	17,459.36	1,047.56	9,524.00	8,476.44	8,982.92
2020	8,982.92	538.98	9,524.00	8,982.92	0.00