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Help with this please Problem 14-3 Good-Deal Inc. developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car

Help with this please

Problem 14-3 Good-Deal Inc. 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 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, 2014, a customer purchased a new $33,600automobile, making a downpayment of $1,200. The customer signed a note indicating that the annual rate of interest would be8% and that quarterly payments would be made over 3 years. For the first year, Good-Deal required a $405quarterly payment to be made on April 1, July 1, October 1, and January 1, 2015. After this one-year period, the customer was required to make regular quarterly payments that would pay off the loan as of January 1, 2017. (a)Prepare a note amortization schedule for the first year.(Round answers to 0 decimal places, e.g. 38,548.)
Date Cash Paid Interest Expense Discount Amortized Carrying Amount of Note
1/1/14 $ $ $ $
4/1/14
7/1/14
10/1/14
1/1/15
(b)Indicate the amount the customer owes on the contract at the end of the first year.(Round answer to 0 decimal places, e.g. 38,548.)
The customer owes on the contract at the end of the first year $
(c)Compute the amount of the new quarterly payments.(Round answer to 0 decimal places, e.g. 38,548.)
The new quarterly payments $
(d)Prepare a note amortization schedule for these new payments for the next2years.(Round answers to 0 decimal places, e.g. 38,548.)
Date Cash Paid Interest Expense Discount Amortized Carrying Amount of Note
1/1/15 $ $ $ $
4/1/15
7/1/15
10/1/15
1/1/16
4/1/16
7/1/16
10/1/16
1/1/17

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