Seved Help Save & Exit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Suome Return to question On June 1, Year 1, you have just graduated college and have landed that big job to earn your first real paycheck. To celebrate, you decide to buy the new model T-2000 Racer. The car costs $50,000. You apply a down payment of $2,000 that you saved while working part-time in college at Bob's Burger Joint. You must finance the remaining portion by borrowing $48.000 using an installment note with a 10% annual Interest rate. Payments of $1.217.40 are due each month over the next four years (48 months), beginning July 1 Year 1. Examine the graphs below and answer the following questions. Car Payments Over 48 Months Loan Balance Over 48 Months 817.40 $1,400 824.21 $60,000 $1,200 $50,000 $1,000 $10.000 $800 $500 $80,000 $20,000 $400 $10.000 $200 $0 $0 0 2 4 6 8 10 12 14 16 18 20 22 24 26 2802 600.00 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 Portion of Total Payment (bottom) Portion of Total Payment (top) 393.19 Click here to open the graph in a new tab, Required: 1. The amount of the total monthly payment over the 48-month period is 2. The loan balance over the 48-month period is: 3-a. In the graph showing the 48 car payments, each payment amount is broken into two portions. What do Portion A (bottom) and Portion B (top) represent? PUIL (Hint lo record the car, assume the company us. account). 5. Record the first installment payment by the company on July 1, Year 1 (callout amounts in the graph are given). 6. Record the second installment payment by the company on August 1, Year 1. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Req 3A Req 3B Req 3C Reg 4 Reg 5 Req 6 Record the second installment payment by the company on August 1, Year 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.) No Date General Journal Debit Credit ( Req 5