Aerotron Electronics has just bought a used delivery truck for $15,000. The small business paid $1,000 down and financed the rest, with the agreement to pay nothing for the entire first year and then to pay $516.83 at the end of each month over years 2, 3, and 4 (first payment is in 13th month).

Chapter 03, Problem 013 (GO Tutorial) Incorrect. Aerotron Electronics has just bought a used delivery truck for $15,000. The small business paid $1,000 down and financed the rest, with the agreement to pay nothing for the entire first year and then to pay $516.83 at the end of each month over years 2, 3, and 4 (first payment is in 13th month a. What nominal interest rate is Aerotron paying on the loan? 9.5144 b. What effective interest rate are they paying? 21.5458 Round your answer to 4 decimal places for a and b. The tolerance is -0.0005. c. How much of the 14th month's payment is interest? How much is principal? payment interest and principal$ d. How much of the 18th month's payment is interest? How much is principal? payment interest- $ and principal$ e. How much of the 22nd month's payment is interest? How much is principal? payment interest Round your answers to the nearest whole dollar for c-e. The tolerance is +/- 5 and principal$ Click here to access the TVM Factor Table Calculator