Preferred Corporation purchases an asset and finances it with a note payable. Information regarding the transaction follows: Cost of asset 374,500$ Amount Financed 374,500$ Annual Interest Rate 12% Installment loan term 3 years Payments are made 4 times per year 8.) Calculate the periodic payment on the note payable.

9.) What is the total amount of interest that will be paid on the note payable?

10.) If the company wishes to get the loan paid off in ONE year instead HOW MUCH TOTAL INTEREST EXPENSE WILL THEY SAVE?