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On January 1,2024, Monster Corporation borrowed $25 million from a local bank to construct a...

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Accounting

On January 1,2024, Monster Corporation borrowed $25 million from a local bank to construct a new highway over the next four years. The loan will be paid back in four equal installments of $7,380,703 on December 31 of each year. The payments include interest at a rate of 7%.
2. Prepare an amortization schedule over the four-year life of the installment note. (Round your final answers to the nearest dollar amount. Enter your answer in dollars, not millions. (i.e., $5.5 million should be entered as 5,500,000.).)

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