Amortization Table

On April 1, 2018, Clyde Barrow Company bought a delivery truck for $54,000 on a 6%, five-year installment note. You have been tasked with preparing an amortization table in Excel for the bookkeeper to assist him in recording the monthly payments, with the first payment starting on May 1, 2018. Prepare a monthly amortization table for the loan showing the payment date, payment, principal part of the payment, the interest portion of the payment, and the remaining balance. At the top of the table, be sure to show the calculation of the monthly payment and, below the table or to the side, show the monthly journal entry to record the first payment on May 1st. Everything should be set up so that if the interest rate or the principal of the loan were changed, the rest of the table will update appropriately