Amortization schedule for an installment note
On January 1, 2012, Rupp Co. borrowed $150,000 cash from Central Bank by issuing a five-year, 8 percent note. The principal and interest are to be paid by making annual payments in the amount of $37,568. Payments are to be made December 31 of each year, beginning December 31, 2012.
Required:Prepare an amortization schedule for the interest and principal payments for the five-year period.