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You need $15,000 to purchase a used car. Your wealthy uncle is willing to lend...

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Finance

You need $15,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like you to make annual payments for 5 years, with the first payment to be made one year from today. He requires a 9% annual return.

  1. What will be your annual loan payments? Round your answer to the nearest cent. Do not round intermediate calculations. $
  2. How much of your first payment will be applied to interest and to principal repayment? Round your answer to the nearest cent. Do not round intermediate calculations. Interest: $ Principal repayment: $

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