5) You have just taken out a 25,000 car loan with a 5% APR compounded monthly. The loan is for five years. When you make your first payment in one month, how much of the payment will go toward the principal of the loan and how much will go toward interest?(Note: Be careful not to round any intermediate steps less than six decimal places.)

When you make your first payment, $_____ will go toward the principal of the loan and $_______ will go toward the interest.

6) You have just sold your house for $1,000,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $700,000. The mortgage is currently exactly 18 years old, and you have just made a payment. If the interest rate on the mortgage is 7.75% (APR), how much cash will you have from the sale once you pay off the mortgage? (Note: Be careful not to round any intermediate steps less than six decimal places.)

Cash that remains after payoff of mortgage is $_____