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Use the following to answer questions 33 - 37 On January 1, year 1, the company borrows $39,000 to purchase a new vehicle by agreeing
Use the following to answer questions 33 - 37 On January 1, year 1, the company borrows $39,000 to purchase a new vehicle by agreeing to a 4.2%, 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. 33. Determine the monthly vehicle payment (installment) $ (round to the nearest cent) 34. Determine the interest expense for the first car payment installment) $. (round to the nearest cent) 35. How much will the payment decrease the amount owed (principal)? $_ cent) (round to the nearest 36. After the first vehicle payment is made the amount owed on the vehicle would be: $_ the nearest cent) (round to 37. Determine interest expense for the second car payment $_ (round to the nearest cent)
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