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On June t. 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 817.40 $1,400 Loan Balance Over 48 Months 824.21 $60,000 $1,200 $50,000 $1,000 $40,000 S800 $600 $30,000 $20,000 $400 $10.000 $200 so $0 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 3: 400.00 D 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 Totat Payment (top) 393.19 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? 3-b. The portion of the monthly payment applied to the loan balance over the 48-month period is: 3-c. The portion of the monthly payment applied to interest over the 48-month period: 4. Suppose the purchase of the car on June 1, Year 1, was made by a company. How would the company record the purchase of the car by issuing the $48,000 installment note and paying cash of $2,000. (Hint: To record the car, assume the company uses the Equipment account) S. 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. Complete this question by entering your answers in the tabs below. Req1 Reg 2 Reg 3A Reg 3B Reg 3C Reg 4 Reg 5 Reg 6