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4. Mortgage Payable - Vehicle Loan: You purchase a vehicle for $40,000 on May 1,2021 at 6% interest. You finance the entire purchase (no down

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4. Mortgage Payable - Vehicle Loan: You purchase a vehicle for $40,000 on May 1,2021 at 6% interest. You finance the entire purchase (no down payment). It will be paid off in equal monthly payments over 4 years, with the first payment due on May 31, 2021. Perform the following a) Prepare an amortization schedule in Excel for the entire term of the loan. - Calculate the Monthly Payment (Annuity Payment) using the PMT calculation in Excel or your financial calculator In the area below the amortization schedule document the following: b) Prepare the joumal entry for the purchase of the vehicle on May 1, 2021 c) Prepare the journal entries on May 31, 2021 (first payment) and Apal 30, 2025 (last payment) d) In regards to the December 31, 2021 Balance Sheet, what amount will show in the 1) current liability section and 2) longterm lability section? e) What is the total amount of payments made over the 4 years? How much of this is interest vs. principal payments

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