Prepare an amortization Table for an Installment Loan per the following information:
GIVEN:

On January 1, 2021, the National Company signed a $160,000, 5.0% installment note, to be repaid over 7 years with payments made monthly. The first payment on the loan is to be made on January 31, 2021, and then at the end of every following month thereafter until the loan is paid in full. Show steps and forumla used