1. Using Excel, calculate the amount of the payment for a $45,000 equipment loan. The terms of the loan include an annual interest rate of 8% and monthly 48 payments. 2. Set up an amortization schedule for each of the loans using the following headings: Payment # Payment Amount Interest Principal Balance Each cell should show the formula. You should also indicate the principal payment balance for one year (12 months) so that these schedules could be used to determine the "current portion of long term debt". Make sure that your ending balance is zero before you submit this assignment. Please show total payments and total interest at the bottom of the schedule. Use February 1, 2018 as your starting date (ie the first payment would be March 1, 2018) 3. Prepare the journal entries for the following: Purchase of the equipment a. First payment b. Second payment c. Last payment 4. Prepare the partial balance sheet that would show how this equipment loan would be presented on the following dates: a. December 31, 2018 b. December 31, 2021