Prepare the amortization table using effective interest rate

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Reference no: EM13938088

Thornwood Lanes bought a service vehicle for $25,000 by issuing a 6 percent installment note on December 31, 2009. Thornwood will make 12 monthly payments of $2,151.66 at the end of each month.

Required:

Prepare the amortization table using the effective interest rate method.

Reference no: EM13938088

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