Office Update To keep up-to-date with security updates, fixes, and improve... D143 A 143 C. Funny Money Note 144 Your client purchase a truck with cash price of $40,000. They paid $5,000 down 145 and financed the balance at 1% annual interest over 48 months. The monthly 146 payment is $744.15. If the truck had been purchased for cash, there was a 147 $4,000 rebate. 148 149 The legal amortization table is below: 150 Date 151 152 153 154 155 Calculate the effective monthly interest rate 156 157 158 159 160 C D E Payment Interest Principle Balance 1-Jan-19 35,000 1-Feb-19 744 29 715 34,285 1-Mar-19 744 28 716 33,569 161 Prepare the effective interest amortization table for two months 162 Date 163 1-Jan-19 164 1-Feb-19 165 1-Mar-19 166 167 Record the purchase of the truck: 168 169 170 171 172 173 Record the second payment on March 1, 2019 174 175 176 177 178 Payment Interest Principle Balance 179 Mesume the debtis repaid right after the second amyment is made. Final Part A Version A + Ready CINED 14 Check fi 100% M Clipboard Font Alignment Number Format as Table Cell Styles Office Update To keep up-to-date with security updates, fixes, and improve... D188 fx A 155 Calculate the effective monthly interest rate 156 157 158 159 160 161 Prepare the effective interest amortization table for two months 162 Date 163 1-Jan-19 164 1-Feb-19 165 1-Mar-19 166 167 Record the purchase of the truck: 168 169 170 171 172 173 Record the second payment on March 1, 2019: 174 175 176 Cells B C D E Payment Interest Principle Balance 177 178 179 Assume the debt is repaid right after the second payment is made. 180 Record the payoff: 181 182 183 184 185