Question: 24. Your undle borrows $63,000 from the bank at 9 percent interest over the seven-year life of the loan. Use Appendix D for an approximate

24. Your undle borrows $63,000 from the bank at 9 percent interest over the seven-year life of the loan. Use Appendix D for an approximate answer but calculate a. What equal annual payments must be made to discharge the loan, plus pay the bank its required rate of interest? (Do not round Round your final answer to 2 decimal places.) Do not ound places.) Principal c. How much of his second payment will be applied to each? (Ddnot round intermediate calculations. Round your final answers to 2 decimal places.)

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