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Loan $60,000 Interest 4% Term - 5 Year with monthly payments Borrow 1/1 payments due last day of month 1. Using Excel, calculate the monthly

Loan $60,000

Interest 4%

Term - 5 Year with monthly payments

Borrow 1/1 payments due last day of month

1. Using Excel, calculate the monthly payment

2. Using Excel, prepare amortizaiton schedule

3. Prepare journal entry for the first two payments (1/31 and 2/28)

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