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Problem 14-3 Coronado Inc. developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car buyers need financing, Coronado offered a low downpayment and low car payments for the first year after purchase. It believes that this promotion Will bring in some new buyers. On January 1, 2017, a customer purchased a new $31,800 automobile, making a downpayment of $1,320. The customer signed a note indicating that the annual rate of interest would be 12% and that quarterly payments would be made over 3 years. For the first year, Coronado required a $381 quarterly payment to be made on April 1, July 1, October 1, and January 1, 2018. After this one-year period, the customer was required to make regular quarterly payments that would pay off the loan as of January 1, 2020. Prepare a note amortization schedule for the first year. (Round answers to O decimal places, e.g. 38,548.) Cash Pa id Date 1/1/17 4/1/17 7/1/17 10/1/17 1/1/18 LINK TO TEXT Interest Expense Discount Amortized Ca rrying Amount of Note 30480 381 381 381 Indicate the amount the customer owes on the contract at the end of the first year. (Round answer to O decimal places, e.g. 38,548.) The customer owes on the contract at the end of the first year LINK TO TEXT Compute the amount of the new quarterly payments. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to O decimal places e.g. 58,971.) The new quarterly payments LINK TO TEXT