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On October 1 st , Brookster Inc. signed a 4-year, $100,000 note payable to a local bank to purchase new equipment. The note calls for

On October 1st, Brookster Inc. signed a 4-year, $100,000 note payable to a local bank to purchase new equipment. The note calls for interest at an annual rate of 12 percent. Below is a portion of the amortization table:

Amortization Table

(12%, 4-year Note Payable for $100,000; Payable in 48 Monthly Installments of $2,633)

Interest Period

Payment Date

Monthly Payment

Interest Expense

Principal Reduction

Unpaid Balance

Issue Date

Oct. 1

--------

--------

--------

$100,000

1

Nov. 1

$2,633

$1,000

$1,633

$ 98,367

2

Dec. 1

$2,633

$984

$1649

$ 96,718

3

Jan. 1

4

Feb. 1

Required: Complete the amortization table.

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