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McKenzie Shippy's Problem (5 minutes) Shippy is buying a car and needs a loan. She is borrowing $29,500 at a rate of 4% interest.

McKenzie Shippy's Problem (5 minutes) Shippy is buying a car and needs a loan. She is borrowing $29,500 at a rate of 4% interest. She will make monthly payments for five years. Calculate the payment amount using excel. Use EXCEL to fill in the table below. Do the journal entries for the issuance of the loan and the first two interest payments. Reduction in Loan Payment # Beg Bal Payment Amount Interest Principal Balance 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

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