Reference no: EM132276513
Question - Teal Inc. developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car buyers need financing, Teal offered a low down-payment 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 $31,400 automobile, making a down-payment of $1,240. The customer signed a note indicating that the annual rate of interest would be 8% and that quarterly payments would be made over 3 years. For the first year, Teal required a $377 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.
1) Make a note amortization schedule for the first year.
2) Indicate the amount the customer owes on the contract at the end of the first year.
The customer owes on the contract at the end of the first year
3) Compute the amount of the new quarterly payments.
4) Make a note amortization schedule for these new payments for the next 2 years.
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