3 On January 1, Year 1, Jack Incorporated borrows $38,000 to purchase a new company car by agreeing to a 6%, 5-year note with the bank. Payments of $734.65 are due at the end of each month with the first installment due on January 31, Year 1. What are the amounts of interest and principal, respectively, that will be paid in the first month?

On January 1, Year 1, Jack incorporated borrows $38,000 to purchase a new company car by agreeing to a 6%, 5 -year note with the bonkc Payments of $734.65 are due at the end of each month with the first instaliment due on January 31 , Year 1 . What are the amounts of interest and principal, respectively. that will be paid in the first month