Problem - Talkington Electronics issues a $413,500, 4%, 15-year mortgage note on December 31, 2016. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $50,981. Payments are due on December 31.
Required - Prepare an installment payments schedule for the first 4 year.