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Talkington Electronics issues a $402700 12% 10-year mortgage note on December 31 2013 The proceeds from the note are to be used in financing a new research laboratory

Talkington Electronics issues a $402,700, 12%, 10-year mortgage note on December 31, 2013. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $35,109. Payments are due June 30 and December 31.

pare an installment payments schedule for the first 2 years. (Round answers to 0 decimal places, e.g. 15,250.)

Semiannual Interest Period

 

Cash Payment

 

Interest Expense

 

Reduction of Principal

 

Principal Balance

Issue Date

             

$

1  

$

 

$

 

$

 

2  

 

 

 

3  

 

 

 

4  

 

 

 

Can you Explain the each steps

Jun 22 2020 View more View Less

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