To expand your business, assume that you borrowed $250,000 on Jan. 1, 2021. Interest is 6% APR, compounded monthly. Interest and principal are to be repaid in 180 equal monthly payments, the first payment occurring on Feb. 1, 2021. When you initially received the loan proceeds, you increased the cash and notes payable accounts. Prepare the generally journal entry below to record the third monthly payment, due Apr. 1, 2021. This will likely require that you upload and modify an amortization table.

Account name	Debit amount	Credit amount