Explain how much of the payment is interest

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Reference no: EM131965714

Problem

"Purchased used heavy-duty dump truck with plow for snow plowing from PP Equipment for $20,000, $500 down payment, 5%, 5-year note for the remaining balance. Calculate monthly payment in Excel." What is the monthly payment, how much of the payment is interest and how much on the principal? How do I record this transaction on paper and also in Quick Books?

Reference no: EM131965714

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