Mathematics, 20.02.2022 08:10, kp2078

You need $19,000 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 7% annual return. What will be your annual loan payments? Do not round intermediate calculations. Round your answer to the nearest cent.
$

How much of your first payment will be applied to interest and to principal repayment? Do not round intermediate calculations. Round your answers to the nearest cent.

Interest: $

Principal repayment: $

Answers: 1

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You need $19,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an a...