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Aerotron Electronics has just bought a used delivery truck for $15,000. The small business paid $1,000 down and financed the rest, with the agreement to pay nothing for the entire first year and then to pay $546.83 at the end of each month over years 2,3 , and 4 (first payment is in 13th month). a. What nominal interest rate is Aerotron paying on the loan? \% b. What effective interest rate are they paying? \% Round your answer to 4 decimal places for a and b. The tolerance is 0.0005. c. How much of the 14th month's payment is interest? How much is principal? payment interest =$, and principal =$ d. How much of the 18th month's payment is interest? How much is principal? payment interest =$, and principal =$ e. How much of the 22 nd month's payment is interest? How much is principal? payment interest =$ , and principal =$ Round your answers to the nearest whole dollar for ce. The tolerance is 5. Aerotron Electronics has just bought a used delivery truck for $15,000. The small business paid $1,000 down and financed the rest, with the agreement to pay nothing for the entire first year and then to pay $546.83 at the end of each month over years 2,3 , and 4 (first payment is in 13th month). a. What nominal interest rate is Aerotron paying on the loan? \% b. What effective interest rate are they paying? \% Round your answer to 4 decimal places for a and b. The tolerance is 0.0005. c. How much of the 14th month's payment is interest? How much is principal? payment interest =$, and principal =$ d. How much of the 18th month's payment is interest? How much is principal? payment interest =$, and principal =$ e. How much of the 22 nd month's payment is interest? How much is principal? payment interest =$ , and principal =$ Round your answers to the nearest whole dollar for ce. The tolerance is 5

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