1. The new candy apple red Porsche Carrera 4 you want costs $85,000 and you can put down $10,000 today. The annual interest rate is 13.5% and you will make monthly payments for 7 years with a balloon payment of $5,000. What is your monthly payment?

You're still living in 1999, so for tax reasons you need to know how much of your payment is principal and how much is interest each month. On your fourth payment, what is the breakdown? On your 15th payment?