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(LO 1, 3) GoodDeal Inc. developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car buyers need financing,

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(LO 1, 3) GoodDeal Inc. developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car buyers need financing, GoodDeal 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, 2017, a customer purchased a new $33,000 automobile, making a downpayment 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, GoodDeal required a $400 quarterly payment to be made on April 1, July 1, October 1, and January 1, 2018. After this one-year period, the customer was required to make regular quarterly payments that would pay off the loan as of January 1, 2020. Instructions (8) Prepare a note amortization schedule for the first year. 0!} Indicate the amount the customer owes on the contract at the end of the first year. (C) Compute the amount of the new quarterly payments

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