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 $30,600 automobile, making a downpayment of $1,080. The customer signed a note indicating that the annual rate of interest would be ex and that quarterly payments would be made over 3 years. For the first year, Pronghorn required a $369 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 is partially correct. Prepare a note amortization schedule for the first year. (Round answers to decimal places, s. 38,548.) Carrying Amount of Note Cash Paid Discount Amortized Interest Expense Date $ $ $ 1/1/20 500 4/1/20 29 369 59 7/1/20 3019 10/1/20 3043 1/1/21 Indicate the amount the customer owes on the contract at the end of the first year. (Round answer to O decimal places, s. 38,548.) The customer owes on the contract at the end of the first year 30433 eTextbook and Media Your answer is correct. Compute the amount of the new quarterly payments (Round present value factor calculations to 5 decimal places, .. 1.25124 and the final answer to decimal places 58,971.) 4154 The new quarterly payments $ e Textbook and Media Prepare a note amortization schedule for these new payments for the next 2 years. (Round answers to decimal places, .38,548.) Cash Pald Date Interest Expense Carrying Amount of Note Discount Amortized 1/1/21 $ 0 4/1/21 809 2680 7/1/21 10/1/21 1/1/22 4/1/22 7/1/22 10/1/22 1/1/23