Coronado Inc developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car buyers need financing, Coronado 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, 2020, a customer purchased a new $35,400 automobile, making a downpayment of $1,080. 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, Coronado required a $429 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. - Your answer is partially correct. Prepare a note amortization schedule for the first year. (Round answers to decimal places, e.g. 38,548.) Cash Paid Interest Expense Discount Amortized Carrying Amount of Note 0 $ 0 $ 0 $ 32000 429 960 531 31469 429 944 515 30954 429 929 500 30454 429 914 485 29970 x Your answer is incorrect Indicate the amount the customer owes on the contract at the end of the first year. (Round answer to decimal places, eg, 38,548) The customer owes on the contract at the end of the first year $ 26150 e Textbook and Media * Your answer is incorrect. Compute the amount of the new quarterly payments. (Round present value factor calculations to 5 decimal places, eg. 125124 and the final answer to decimal placeses. 58,971.) The new quarterly payments $ 3697 Your answer is partially correct. Prepare a note amortization schedule for these new payments for the next 2 years. (Round answers to decimal places, es 38,548) Cash Paid Interest Expense Discount Amortized Carrying Amount of Note 0 0 $ 0 $ 29970 4269 899 3370 26600 4269 798 3471 23128 4269 694 3576 19553 4269 582 3683 15870 4269 476 3793 12077 4269 362 3907 8170 4269 245 4024 4145 4269 124 4145 0