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? $