Quantitative Problem: You need

$18,000

to purchase a used car. Yeur wealthy uncle is willing to lend you the money as an amortized loa made one year from today. He requires a

9%

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 yc Interest: $\ Principal repayment:

$

\ Hide Feedback\ Incorrect\ Check My Work Feedback\ Review the definition for an amortized loan.\ Review the definition for the PV of an ordinary annuity and its equation.

Quantitative Problem: You need $18,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized lo made one year from today. He requires a 9% 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 yc Interest: $ Principal repayment: $ Hide Feedback Incorrect Check My Work Feedback Review the definition for an amortized loan. Review the definition for the PV of an ordinary annuity and its equation