On March 1, 2012, Enid Corporation Borrowed $800,000 on a 30-Year

Question 105
Essay

On March 1, 2012, Enid Corporation borrowed $800,000 on a 30-year mortgage to purchase land and a building. The land and building are pledged as collateral on the mortgage, which has an interest rate of 6 percent compounded monthly. The payments of $4,800 are made at the end of each month, beginning on March 31, 2012. Prepare a mortgage amortization schedule for the first year of the mortgage. (Round amounts to the nearest dollar.)