An important application of comand interest involves amortized loans. Some common types of amortired loans are ufumobile loans, home mortgage loans, and business loans. Each loan payment consists of interest and repayment of prinopal This bakdown is often developed in an amortization schedule Interestis argent in the first period and dedines over the life of the loan, while the principal repayment is in the first period and increas thereafter Quantitative Problemi You need $18,000 to purchase red car. Your wealthy uncle is willing to lend you the money as an amorted for the would the you to make annual pwments for Year, with the first payment to be made one year from today. He recuires a 6% annual return What will be your annual toan payments? Do not found intermediate calculation. Round your awer to the nearest cent How much of your first payment will be applied to interest and to principal payment? Do not found intermediate calculations. Round your answer to the nearest cent. Interests Principal repayments