On January 1 , year 1 , The company borrows $60,000 to purchase a new vehicle by agreeing to a 6.0%, 5 -year loan with the bank. Payments are due at the end of each month with the first installment (vehicle payment) due on January 31 , year 1. After completing the problem, ROUND YOUR ANSWERS TO THE NEAREST DOLLAR. 20. Determine the monthly vehicle payment (installment) S 21. Determine the interest expense for the first car payment $ 22. How much of the payment will decrease the amount owed (principal)? $ 23. After the first vehicle payment is made the amount owed on the vehicle would be: $ 24. Determine interest expense for the second car payment $ On January 1 , year 1 , the company borrows $45,000 to purchase a new vehicle by agreeing to a 7%, 5-year note with the bank. Payments of $891.05 are due at the end of each month with the first installment due on January 31 , year 1 . ROUND YOUR ANSWERS TO THE NEAREST CENT ( 2 decimal places). 25. After the first car payment (installment) is made the amount owed on the vehicle would be: $ 26. Determine interest expense for the second car payment $ 27. After the Company pays all of the car payments, how much do they owe at the end of the 5 years? $ The company reports the following income statement results: 28. $ Calculate Sales. 29. $ Calculate Income before income tax (IBT). 30. Calculate net income. 31. \% Calculate the gross profit margin (one decimal place) 32. \% Calculate the profit margin (two decimal places)