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6.) Suppose you buy a 2021 Ford Ranger for $38.000. If the bank charges 6.2% annual interest compounded monthly on a 72-month loan your monthly

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6.) Suppose you buy a 2021 Ford Ranger for $38.000. If the bank charges 6.2% annual interest compounded monthly on a 72-month loan your monthly payment is $633.36. (From the TVM Solver a.) How much of your first monthly payment goes toward interest? (4 points) Hint: (periodic rate) (unpaid balance) b.) How much of your first monthly payment goes toward principal (4 points) Hint: (payment) - (interest)

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