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Martinez Inc. developed a new sales gimmick to help sell its inventory of new automobiles. Because many new car buyers need financing, Martinez offered a low downpayment and low car payments for the first year after purchase. It believes that this promotion will bring in some new buyers. On January 1, 2020, a customer purchased a new $35,000 automobile, making a downpayment of $1,000. The customer signed a note indicating that the annual rate of interest would be 8% and that quarterly payments would be made over 3 years. For the first year, Martinez required a $425 quarterly payment to be made on April 1, July 1, October 1, and January 1, 2021. After this one-year period, the customer was required to make regular quarterly payments that would pay off the loan as of January 1, 2023.

Prepare a note amortization schedule for the first year. **(Round answers to 0 decimal places, e.g. 38,548.)**

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1/1/20 | $ | $ | $ | $ | ||||

4/1/20 | ||||||||

7/1/20 | ||||||||

10/1/20 | ||||||||

1/1/21 |

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Incorrect answer iconYour answer is incorrect.

Indicate the amount the customer owes on the contract at the end of the first year. **(Round answer to 0 decimal places, e.g. 38,548.)**

The customer owes on the contract at the end of the first year | $ |

eTextbook and Media

Incorrect answer iconYour answer is incorrect.

Compute the amount of the new quarterly payments. **(Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.)**

The new quarterly payments | $ |

eTextbook and Media

Incorrect answer iconYour answer is incorrect.

Prepare a note amortization schedule for these new payments for the next 2 years. **(Round answers to 0 decimal places, e.g. 38,548.)**

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1/1/21 | $ | $ | $ | $ | ||||

4/1/21 | ||||||||

7/1/21 | ||||||||

10/1/21 | ||||||||

1/1/22 | ||||||||

4/1/22 | ||||||||

7/1/22 | ||||||||

10/1/22 | ||||||||

1/1/23 |

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