Hey guys, We purchase a machine worth 1,000,000 + tax amount 12% = 1,120,000 payable in 60 months.Every month we pay and there's a 3% interest increase on machine and another 3% interest on tax amount..So in the end if we paid after the 60 months the total amount will not be 1,120,000 but much more. How to handle the Bill and Bills Payment of it? We need to make 60 Bills Payment of it. I don't have an accounting background. I hope anyone can guide me through this.

Talk to a real accountant you need to pay. This is more involved than just a chat on a slack channel

someone needs to set up an amortization schedule for you (available in excel). You then create a memorized vendor bill and record your principal and interest and memorized payment transaction to make that payment every month.

thanks for your advice