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Glen Pool Club, Inc., has a $144,000 mortgage liability. The mortgage is payable in monthly installments of $1,481, which include interest computed at an annual rate of 12 percent (1 percent monthly). a. Prepare a partial amortization table showing (1) the original balance of this loan, and (2) the allocation of the first two monthly payments between interest expense and the reduction in the mortgages unpaid balance. b. Prepare the journal entry to record the second monthly payment. c. Will monthly interest increase, decrease, or stay the same over the life of the loan?

There is a screen shot for each table attached.

My math isn't working as it shuld be here and I am brain fried. Can anybody direct me into the correct direction?

Required A Required B Required C Prepare a partial amortization table showing (1) the original balance of this loan, and (2) the allocation of the first two monthly payments between interest expense and the reduction in the mortgage's unpaid balance. Round your answers to the nearest dollar amount. Enter all amounts as positive numbers.) Amortization Table Monthly Payment Interest Expense Monthly Interest Period Original balance Reduction in Unpaid Balance Unpaid Balance $ 1,481 $ 1,659 $ 1,440 Required A Required C Prepare the journal entry to record the second monthly payment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet

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