Up front, we prepare an Amortization Schedule for the life of the loan. (8%, 5 yrs)

Same loan, only with monthly payments.

Note: Monthly amount is not the annual amount/12.

60 monthly loan payments of $6,893.97 each

Work to dollars and cents (all numbers to two decimal places)

Do first three payments only

Date	Beginning Loan Balance	(Debit) Interest Expense	(Debit) Notes Payable (Principal Reduction)	(Credit) Cash	Ending Balance
Column	A	B	C	D	E
Date	From prior periods ending balance	P x R x T	Col D Col B	Given	Col A Col C**
1/1/2020	0				340,000.00
12/31/2020				6,893.97
12/31/2021				6,893.97
12/31/2022				6,893.97

** NOTE: Subtract only the principal reduction from the prior balance, not the full payment