Question: Mike Williams Inc. signed a 4-year, installment note payable with Buffalo Bank. The note was for $100,000, 12% annual interest (1% per month), with monthly

Mike Williams Inc. signed a 4-year, installment note payable with Buffalo

Mike Williams Inc. signed a 4-year, installment note payable with Buffalo Bank. The note was for $100,000, 12% annual interest (1% per month), with monthly payments of $2,633 (for both principle and interest). The journal entry for the third payment of $2,633 would include (to the nearest whole dollar)

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