1.You can get a car loan with a term of three years at an APR of 6%. If you can afford a monthly payment of $200, how much can you borrow? (Round your answer to the nearest cent.)

2.If we can afford to pay a monthly amount of $893.33, determine how much we can borrow if the term is 30 years and the interest rate is 3.31%.

3.rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For long-term loans, the differences may be pronounced. Assume that you take out a $3000 loan for 30 months at 9% APR. How much of the first month's payment is interest? (Round your answer to the nearest cent.)