rast freight Truck Company offers a truck to your client for $100.000 in exchange for an installment note to be paid with equa yuarterly payments over 4 years at 1% annul rate. There is a required $5.000 down payment. Your research indica normal borrowing cost for the buyer is 6% annual 1. Calculate the required payment Show inputs for your calculations 2._Prepare the legal (1%) amortization schedule provided by Fast Freight to your client, for the last two quarters 3. Record the purchase of the truck by your client: 4. Prepare the effective interest amortization schedule for the first two quarters that reflects the actual present value of the loan 5. Record the first quarter entry to record the first payment of principal and interest. 6. Suppose that your client pays off the loan right after making the second payment, record the entry. 7. What is the effective interest rate if your client pays off the note after making the second payment