please answer correct and complete with full working like explanation , computation , formulation answer in text will surely upvote if complete and correct with working The IOU Inc recently took a note on a property for $150,000. The interest is 6% and the monthly payment is $2,000Prepare the first year's amortization table.Payment #12Etc.Payment$2,000$2,000Interest ExpensePrinciple ReductionBalance$150,000

The amortization table is the schedule which actually is the statement of the amortization of the…

Answered: The IOU Inc recently took a note on a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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please answer correct and complete with full working like explanation , computation , formulation answer in text will surely upvote if complete and correct with working

The IOU Inc recently took a note on a property for $150,000. The interest is 6% and the monthly payment is $2,000
Prepare the first year's amortization table.
Payment #
1
2
Etc.
Payment
$2,000
$2,000
Interest Expense
Principle Reduction
Balance
$150,000

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