Use the following to answer questions 2024 On January 1 , year 1 , The company borrows $60,000 to purchase a new vehicle by agreeing to a 6.0%,5-year loan with the bank. Payments are due at the end of each month with the first installment (vehicle payment) due on January 31 , year 1. After completing the problem, ROUND YOUR ANSWERS TO THE NEAREST DOUAR. 20. Determine the monthly vehicle payment (installment) 21. Determine the interest expense for the first car payment \$ 22. How much of the payment will decrease the amount owed (principal)? 23. After the first vehicle payment is made the amount owed on the vehicle would be: $ 24. Determine interest expense for the second car payment $ Use the following to answer questions 2527 On January 1 , year 1 , the company borrows $45,000 to purchase a new vehicle by agreeing to a 7%,5-year note with the bank. Payments of $891.05 are due at the end of each month with the first installment due on January 31 , year 1. ROUND YOUR ANSWERS TO THE NEAREST CENT (2 decimal places). 25. After the first car payment (installment) is made the amount owed on the vehicle would be: 26. Determine interest expense for the second car payment \$ 27. After the Company pays all of the car payments, how much do they owe at the end of the 5 years