Anna takes a 13,000 loan for a used car to be paid in 35 mostly payments of $411.71 per month at an annual interest rate of 7% on the unpaid balance.

1a. How much of the first month's payment will apply towards reducing the principal?

1b. What is the unpaid balance on the principal after 14 monthly payments are made?

Please show work and use the amortization formula to solve P=D[r/m / 1-(1+r/m)^-mt