Question: Kyle used the Quantitative Reasoning Procees to createa plan to pay off his student loans of $6,040. The interest rate on his loanis1.1%annually and he

Kyle used the Quantitative Reasoning Procees to createa plan to pay off his student loans of $6,040. The interest rate on his loanis1.1%annually and he plans to make monthly payments of $53.18 for 10 years. Complete months 1 and 2 ofthe amortization table below.

How much of Kyle'spayment goes toInterestin Month 2?

(Round your FINAL answer to the nearest cent.)

Nicole used the Quantitative Reasoning Process to do plan to pay off her car loan of $7,000. The interest rate on her loanis 6.245% annually and she plans to makemonthly payments of $136.13 for 5 years. Complete month 1 ofthe amortization table below. What is theEnding Balancefor Month 1? Ending Balance

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