Use the following to answer questions 25 27

You want a new car. At the dealership, you find a car that you like. The dealership gives you two payment options:

1. Pay $23,000 in cash for the car todayOR

2. Pay $370.41 at the end of each month for six years at 5% (0.41667% monthly for 72n).

27. $____ __How much interest has accrued by the time the first car payment is due (round to two decimal places)?

Use the following to answer questions 28 - 33

The company reports the following income statement results:

Sales	$997,000
Operating expense	422,000
Net income	80,000
Sales returns & allowances	7,000
Gross profit	501,000
Interest revenue	11,000

29. $____________Calculate Cost of Goods Sold

30. $_________Calculate operating income

31. $_____________Calculate Income before Income tax (IBT)

33. ____%. Calculate the profit margin (rounded to one decimal place)