1. Sarah took out a personal loan for $4,000. The term of the loan is 3 years, and the interest rate is 7.5%. Her monthly payment is $124.42, and this payment includes both principal and interest. For the first monthly payment, determine the amount of the payment that goes toward principal.

2. Dennis took out a 60-month loan to buy a new car. He borrowed $24,250 at an interest rate of 6.3%. His monthly payment (interest and principal) is $472.21. How much will Dennis owe after he has made 24 payments?