Pronghorn Inc. developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car buyers need financing, Pronghorn offered a low downpayment and low car payments for the first year after purchase. It believes that this promotion will bring in some new buyers.

Pronghorn Inc. developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car buyers need financing, Pronghorn offered a low downpayment and low car payments for the first year after purchase. It believes that this promotion will bring in some new buyers. On January 1, 2020, a customer purchased a new $37,800 automobile, making a downpayment of $1,560. The customer signed a note indicating that the annual rate of interest would be 12% and that quarterly payments would be made over 3 years. For the first year, Pronghorn required a $453 quarterly payment to be made on April 1, July 1, October 1, and January 1, 2021. After this one- year period, the customer was required to make regular quarterly payments that would pay off the loan as of January 1, 2023. Your Answer Correct Answer Your answer is partially correct. Prepare a note amortization schedule for the first year. (Round answers to O decimal places, e.g. 38,548.) Cash Paid Interest Expense Discount Amortized Carrying Amount of Note 0 $ 0 $ 0 $ 36240 453 36240 3917 40337 453 453 453 Your Answer Correct Answer X Your answer is incorrect. Prepare a note amortization schedule for these new payments for the next 2 years. (Round answers to 0 decimal places, e.g. 38,548.) Cash Paid Interest Expense Discount Amortized Cari Amo N Date 1/1/21 $ $ $ $ 4/1/21 7/1/21 10/1/21 1/1/22 4/1/22 7/1/22 10/1/22 1/1/23 e Textbook and Media