1. A Honda Civic Type R retails for

$47,040

(all taxes included). What are the monthly loan payments for the car if you make a down payment of

$4,536,

the term is

5

years and the APR is

5%?

(Car loan payments are made at the end of each month.)

What is the amount of the monthly payment?

2. You have just negotiated a home mortgage with a principal of

$350,000.

The bank's quoted rate is

3.7%.

You chose a

25-year

amortization and you decide to make

12

payments per year. Each mortgage payment is

$1,784.60.

How much interest do you pay in the first year? Express your answer as a percentage of the total value of your mortgage payments in the first year.

The interest as a percentage of the total payments in year 1 is

enter your response here%.