Thornwood Lanes bought a service vehicle for $25,000 by issuing a 6 percent installment note on December

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Thornwood Lanes bought a service vehicle for $25,000 by issuing a 6 percent installment note on December 31, 2012. Thornwood will make 12 monthly payments of $2,151.66 at the end of each month.

Required:
Prepare the amortization table using the effective interest rate method. (Note: Round to the nearest cent).
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Cornerstones of Financial and Managerial Accounting

ISBN: 978-1111879044

2nd edition

Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen

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