principal repayment is $-$Select$-(0)$ in the first period and it thereafter. the first payment to be made one year from today. He requires a $5\%$ annual return.

a$.$ What will be your annual loan payments? Do not round intermediate calculations. Round 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 intermediate calculations. Round your answers to the nearest cent. Interest: $

Principal repayment: $