Glen Pool Club, Inc., has an installment loan outstanding with a current balance of $150,000....
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Accounting
Glen Pool Club, Inc., has an installment loan outstanding with a current balance of $150,000. The company makes monthly installments of $1,543, which include interest computed at an annual rate of 6 percent. a. Prepare a partial amortization table showing Monthly Payment, Interest Expense, Reduction in Unpaid Balance, Unpaid Balance, and Original 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?
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