On January 1, Year 1, the Hawks Company borrowed $100,000 from the Community Bank, issuing a three-year, 8% note payable. Payments of $38,803.35 are to be made each year on December 31. The payment will include both the interest and a portion of the principal. Using the table below, prepare an amortization schedule for the note.

Question

On January 1, Year 1, the Hawks Company borrowed $100,000 from the Community Bank, issuing a three-year, 8% note payable. Payments of $38,803.35 are to be made each year on December 31. The payment will include both the interest and a portion of the principal. Using the table below, prepare an amortization schedule for the note.
On January 1, Year 1, the Hawks Company borrowed $100,000 from the Community Bank, issuing a three-year, 8% note payable. Payments of $38,803.35 are to be made each year on December 31. The payment will include both the interest and a portion of the principal. Using the table below, prepare an amortization schedule for the note.

On January 1, Year 1, the Hawks Company Borrowed $100,000