Consider an amortized loan of $37,000 at an interest rate of 8.1% for 7 years. What is the total interest owed? Round to the nearest dollar.

Suppose you are borrowing $39,000 at an interest rate of 3.4%. You will not make any payments for the first two years. Then, starting at the end of year 3, you will make 5 annual payments to repay the loan. How much will your annual payments be? Round to the nearest dollar.