Quantitative Problem: You need $13,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like you to make annual payments for 6 years, with the first payment to be made one year from today. He requires a 9% annual return.

What will be your annual loan payments? Do not round intermediate calculations. Round your answer to the nearest cent.

$

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: $

Quantitative Problem: You plan to deposit $1,600 per year for 5 years into a money market account with an annual return of 3%. You plan to make your first deposit one year from today.

What amount will be in your account at the end of 5 years? Do not round intermediate calculations. Round your answer to the nearest cent.

$

Assume that your deposits will begin today. What amount will be in your account after 5 years? Do not round intermediate calculations. Round your answer to the nearest cent.

$