Question: If your uncle borrows $ 5 7 , 0 0 0 from the bank at 1 1 percent interest over the nine - year life

If your uncle borrows $57,000 from the bank at 11 percent interest over the nine-year life of the loan. (Use Excel to arrive at the answers. Round the final answers to the nearest whole dollar.)
a. What equal annual payments must be made to discharge the loan, plus pay the bank its required rate of interest?
Annual payments
$
b. How much of his first payment will be applied to interest and to principal?
\table[[,First payment],[Interest,$
If your uncle borrows $57,000 from the bank at 11 percent

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