Journalize the following,assuming a 360-day year is used for interest calculations:
Definitions:
Compound Interest Rate
The rate at which interest on a deposit or loan is calculated based on both the initial principal and the accumulated interest from previous periods.
Annuity Stream
A series of fixed payments made at regular intervals, such as monthly or annually, over a specified period or for a lifetime.
Effective Annual Rate
The actual return on an investment or the real rate of interest on a loan, taking into account the effect of compounding over a period.
Amortized Loan
An amortized loan is a loan where the principal is paid down over the life of the loan, typically through equal payments.
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