Answer:
See the explanation
Explanation:
Date                 Cash     Interest Exp.    Amortization    Balance
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Jan. 1, Year 1                                                                     48,813
End of Year 1  3,600            3,417              183               48,630   
End of Year 2  3,600           3,404            196               48,434
End of Year 3  3,600           3,390            210               48,224
End of Year 4  3,600           3,376             224              48,000
----------------------------------------------------------------------------------------   
Calculations:
Cash = 3,600 (Fixed amount)
Interest Exp. = 3,417 / 48,813 = 7%
End oy year 2: 
Cash 3,600
Interest Expense 48,630 * 7% = 3,404
Amortization 3,600 - 3,404 = 196
End oy year 3: 
Cash 3,600
Interest Expense 48,434 * 7% = 3,390
Balance 48,434 - 210 = 48,224
End oy year 4: 
Cash 3,600
Amortization 3,600 - 3,376 = 224
Hope this helps!