5 6 7 8 10 11 12 13 14 $872.96 2 131 Neme: B C ACC 213 Lab for Chapter 18-Installment Notes & Amortization Tables Instructions: First complete the amortesdon table in Part 1 using the information provided Once the table le completed, then record the two Joumal entries in Part 2 Informetion Your car loan has monthly payments, the first payment occurring 1 month after loan starts principal months $20,000 24 0.3750000000% monthly interest 24 total payments monthly payment 2 5% years per year 15 16 17 Part 1: Complete the amortization table below. Use formules for calculations/cell references 18 19 Accounting Period Principal balance beginning of month Monthly Cash Payment Interest Principal Expense Repayment Principal balance end of month 20 30 44 45 46 47 10 11 12 13 14 15 16 17 18 19 48 Part 2 Record the journal entry for payments 1 and 2 after you have completed the amortization table 49 Remember to use Excel efficiently! (That is, don't forget to use cell references for the dollar amounts) 50 51 152 53 Month 1 entry Accounts Debt Credit B 57 Accounts Debt Credit 60] Month 2 entry 62