On January 1, 2020, ABC Company purchases a vehicle and signs a six-year loan for $50,000 at 7 percent.

a. Complete the partial amortization schedule assuming they will make a blended monthly payment of $900.00.

b. At the end of 2020, what amount would be shown on the balance sheet for the current portion of the loan?

Blended Interest Beginning Balance Monthly Loan Payment Principal Payment Ending Balance Period Expense $ 50,000.00 50000 900 900 Jan 1, 2020 Jan. 31, 2020 Feb. 29, 2020 Mar. 31, 2020 Apr. 30, 2020 May 31, 2020 Jun 30, 2020 900 900 900 900