answer 22-25

Use the following to answer questions 20 - 24 On January 1, year 1, the company borrows $48,000 to purchase a new vehicle by agreeing to a 6.0%, 5-year loan with the bank. Payments are due at the end of each month with the first installment (vehicle payment) due on January 31, year 1. AFTER completing the problem, ROUND YOUR ANSWERS TO THE NEAREST DOLLAR. 22. How much will the payment decrease the amount owed (principal)? $ 23. After the first vehicle payment is made the amount owed on the vehicle would be: $ 24. Determine interest expense for the second car payment $ Use the following to answer questions 25 - 27 On January 1, year 1, you borrow $28,100 to purchase a new vehicle by agreeing to a 4.5%, 6-year note with the bank. Payments of $446.06 are due at the end of each month with the first installment due on January 31, year 1. ROUND YOUR ANSWERS TO THE NEAREST DOLLAR. 25. AFTER you make your first car payment (installment) how much would you still owe the bank? $