Accounting 104

Buffalo Inc. developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car buyers need financing. Buffalo 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 1,2025 , a customer purchased a new $37,800 automobile. making a downpayment of $1,560. The customer signed a note indicating that the annual rate of interest would be 12% and that quarterly payments would be mad Nover 3 years. For the first year; Buffalo required a $400 quarterly payment to be made on Apria 1, July 1. October 1, and January 1, 2026. After this one-year period, the customer was required to make regular quarterly payments that would pay off the loan as of January 1,2028. Click here to view factor tables. (a) 6. Vour answer is partially correct. Prepare a note amortization schedule for the first year. (Round answers to 0 declmal placsi, e.8. 38.548.)