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May 1st Borrowed $120,000 from Nice Bank by signing a 5-year, 5.75% note. Bank requires equal amount of monthly payment at the end of each
May 1st Borrowed $120,000 from Nice Bank by signing a 5-year, 5.75% note. Bank requires equal amount of monthly payment at the end of each month. Each payment consists of interest and a portion of the principal of the loan. The interest is compounded monthly. In addition to journal entry, show the necessary computations including the schedule for amortization on Excel sheet entitled Q-Computations
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