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please answer all correctly please Aerotron Electronics has just bought a used delivery truck for $15,000. The small business paid $1,000 down and financed the
please answer all correctly please
Aerotron Electronics has just bought a used delivery truck for $15,000. The small business paid $1,000 down and financed the rest, with the agreement to pay nothing for the entire first year and then to pay $546.83 at the end of each month over years 2.3. and 4 (first payment is in 13th month). a. What nominal interest rate is Aerotron paying on the loan? 10.63 % b. What effective interest rate are they paying? 11.16 % Round your answer to 4 decimal places for a and b. The tolerance is + 0.0005. c. How much of the 14th month's payment is interest? How much is principal? payment interest = $ 137.05.and principal = $ 409.7 d. How much of the 18th month's payment is interest? How much is principal? payment interest = $ 134 and principal = $ 412.48 e. How much of the 22nd month's payment is interest? How much is principal? payment interest = $ 118.82 and principal = $ 400.07 Round your answers to the nearest whole dollar for c-e. The tolerance is 5 Step by Step Solution
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