1) You purchase a cottage for $180,000. You obtain a 25-year, fixed rate mortgage loan at 11.5% after paying a down payment of 20%. Of the second month's mortgage payment, how much is interest and how much is applied to the principal? (Round your answers to the nearest cent.)

2) Samuel Ng received a 4-year subsidized student loan of $17,000 at an annual interest rate of 4%. What are Samuel's monthly loan payments for this loan when he graduates from college in 2 years?