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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 3 Etc. Payment $2,000 $2,000 Interest Expense Principle Reduction Balance $150,000

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 3 Etc. Payment $2,000 $2,000 Interest Expense Principle Reduction Balance $150,000

FINANCIAL ACCOUNTING
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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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
Transcribed Image Text: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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