Question: Part C is already correct so please dont give a different answer. Monthly payment is $566.83. Will give a thumbs up for a correct answer.
Aerotron Electrohics has just bought a used delivery truck for $15,000. The small business paid $1,000 down and financed the rest with the agreement to pay nothing for the entire first year and then to pay $566.83 at the end of each month over years 2, 3, and 4 (first payment is in 13th month). a What nominal interest rate is Aerotron paying on the loan? 12.9600 % b. What effective interest rate are they paying? 13.7582 Round your answer to 4 decimal places for a and b. The tolerance is +0.0005. c. How much of the 14th month's payment is interest? How much is principal payment interest - 5 567 and principals d. How much of the 18th month's payment is interest? How much is principal payment interest - $ 108 and principals e. How much of the 22nd month's payment is interest? How much is principal? payment interest - $ and principal - 45 424 Round your answers to the nearest whole dollar force. The tolerance is + 5
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