Use the following to answer questions 25 27

On January 1, year 1, ST borrows $24,000 to purchase a new vehicle by agreeing to a 4.0%, 4-year note with the bank. Payments of $541.90 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.

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 the car payments, how much do they owe at the end of the 5 years? $______