Business, 18.03.2021 01:20 markyyy53

On January 1, 2020, a customer purchased a new $29,400 automobile, making a downpayment of $840. 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, Oriole required a $357 quarterly payment to be made on April 1, July 1, October 1, and January 1, 2021. After this one-year period, the customer was required to make regular quarterly payments that would pay off the loan as of January 1, 2023. Prepare a note amortization schedule for the first year. (Round answers to o de Cash Paid Interest Expense Discount Amortized Carrying Amount of Note Date 0 0 32000 400 960 560 32560 400 977 577 33137 994 400 594 33731 400 1012 612 34343

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On January 1, 2020, a customer purchased a new $29,400 automobile, making a downpayment of $840. The...