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 $$506\mathrm{.}83$ at the end of each month over years $2,3,$

and $4($first payment is in $13$ th month$).$

a$.$ What nominal interest rate is Aerotron paying on the loan?

$16\%$

b$.$ What effective interest rate are they paying?

Round your answer to $4$ decimal places for a and $b.$ The tolerance is $+-0\mathrm{.}0005.$

c$.$ How much of the $14$th month's payment is interest? How much is principal?

payment interest $=$$

$,$ and principal $=$

$

d$.$ How much of the $18$ th month's payment is interest? How much is principal?

payment interest $=$$

$,$ and principal $=$

How much of the $22$ nd month's payment is interest? How much is principal?miokiII'mI

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 $$506\mathrm{.}83$ at the end of each month over years $2,3,$

and $4($first payment is in $13$ th month$).$

a$.$ What nominal interest rate is Aerotron paying on the loan?

b$.$ What effective interest rate are they paying?

$13\%$

Round your answer to $4$ decimal places for a and $b.$ The tolerance is $+-0\mathrm{.}0005.$

c$.$ How much of the $14$ th month's payment is interest? How much is principal?

payment interest $=$$

$,$ and principal $=$

$

d$.$ How much of the $18$ th month's payment is interest? How much is principal?

payment interest $=$$

$,$ and principal $=$