Question: a. If Dave had borrowed $400 for one year at an APR of 5 percent, compounded monthly, what would have been his monthly loan payment?

a. If Dave had borrowed $400 for one year at an APR of 5 percent, compounded monthly, what would have been his monthly loan payment? Use Exhibit 1B-4. (Do not round your intermediate calculations. Round your final answer to 2 decimal places. Omit the "$" sign in your response.) PMT $ b. What would have been the breakdown between interest and principal of the fifth payment? Use Exhibit 1B-4. (Do not round your intermediate calculations. Round your final answers to 2 decimal places. Omit the "$" sign in your response.)

Interest	$
Principal	$

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