Question: On January 1 , 2 0 2 5 , a customer purchased a new $ 2 9 , 8 0 0 automobile, making a downpayment

On January 1,2025, a customer purchased a new $29,800 automobile, making a downpayment of $920. The customer signed a note indicating that the annual rate interest would be 8% and that quarterly payments would be made over 3 years. For the first year, Blue required a $400 quarterly payment to be made on April 1, July 1, October 1, and January 1,2026.

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