Quantitative Problem: You need $20,000 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 4 years, with the first payment to be made one year from today. He requires an 8% 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: \$ Hide Feedback Incorrect - Check My Work Feedback Review the definition for an amortized Ioan. Review the definition for the PV of an ordinary annuity and its equation. If using a financial calculator, be careful about the meaning of the negative sign and remember to include FV =0 (or be sure to before starting problem)