Response to the following problem:
Mis Monika Gupta kindly send me the solution for this question.Thank you so much .You are a very good teacher God bless you. On January 1, 2009, American Eagle borrows $90,000 cash by signing a four-year, 5% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year from 2009 through 2012.
Requirements:
1.Compute the amount of each of the four equal total payments using the present value table .
2. Prepare an amortization schedule for the installment note.