On January 1 , year 1 , ST borrows $25,000 to purchase a new vehicle by agreeing to a 4.5%,5-year note with the bank. Payments of $466.08 are due at the end of each month with the first installment due on January 31 , year 1 , ROUND YOUR ANSWERS TO THE NEAREST CENT. 25. After the first car payment (installment) is made the amount owed on the vehicle would be: $ 26. Determine interest expense for the second car payment $ 27. After the Company pays all of the car payments, how much do they owe at the end of the 5 years