Use the following to answer questions 25-27 On January 1, year 1, the company borrows $45,000 to purchase a new vehicle by agreeing to a 7%, 5-year note with the bank. Payments of $891.05 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 (2 decimal places). 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? $

Use the following to answer questions 25-27 On January 1, year 1, the company borrows $45,000 to purchase a new vehicle by agreeing to a 7%, 5-year note with the bank. Payments of $891.05 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 (2 decimal places). 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? $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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