Installment note with equal annual payments payments On January 1, 2010, Eagle borrows...

Installment note with equal annual payments payments

On January 1, 2010, Eagle borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal annual payments of $29,523 for accrued interest and principal on December 31 of each year from 2010 through 2013. Prepare an amortization table for this installment note like the one in Exhibit 16.4.

Reference Exhibit 16.4: