An important application of select yterest involves amortized loans. Some common types of amortizoane retorom foot and color. Eacion Damunt consists of interest and repayment of principal. This breakdown is often developed in an amortization schedule Interest rate with periode et on the of the town while the principal payment is in the first period and then thereafter Quantitative Problems you need 517,000 to purchase a red car. Your wealthy unde is willing to lend you the women and would like you to make annual for 6 years, with the first payment to be made one year from today. He requires a 6% annual return What will be your selfoon payments. Do not round interiore calculations. Hoond your answer to the nearest cent b. How much of your first payment will be applied to interest and to principal repayment? Do not round internet to found your answer to the nearest cent Interest: 5 Principal repayment