Quantitative Problem: You need $16,000 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 8% annual return. a. What will be your annual loan payments? Round your answer to the nearest cent. Do not round intermediate calculations. $ b. How much of your first payment will be applied to interest and to principal repayment? Round your answer to the nearest cent. Do not round intermediate calculations. Interest: $ Principal repayment: $