Good-Deal Auto developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car buyers need financing, Good-Deal offered a low down payment and low car payments for the first year after purchase. It believes that this promotion will bring in some new buyers. On January 1, 2019, a customer purchased a new 33,000 automobile, making a down payment of 1,000. The customer signed a note indicating that the annual rate of interest would be 8% and that quarterly payments would be made over 3 years. For the first year, Good-Deal required a 400 quarterly payment to be made on April 1, July 1, October 1, and January 1, 2020. After this one-year period, the customer was required to make regular quarterly payments that would pay off the loan as of January 1, 2022. Instructions a. Prepare a note amortization schedule for the first year (5%) b. Indicate the amount the customer owes on the contract at the end of the first year (5%) c. Compute the amount of the new quarterly payments (5%) d. Prepare a note amortization schedule for these new payments for the next 2 years (5%) e. What do you think of the new sales promotion used by Good-Deal (5%)