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) \$ 21. Determine the interest expense for the first car payment: 22. How muchof 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 cat payment