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Prepare instalment payments schedule for first four years

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Question - Sheridan Electronics issues a $361,000, 3%, 15-year mortgage note on December 31, 2019. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual instalment payments, exclusive of real estate taxes and insurance, of $42,320. Payments are due on December 31.

Required - Prepare an instalment payments schedule for the first 4 years.

Reference no: EM132472685

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