Consider an amortizing loan. The amount borrowed initially is $70,591, the interest rate is 7% APR, and the loan is to be repaid in equal monthly payments over 16 years. As we know, while each monthly payment will be the same, the amounts of interest and principle paid will change from payment to payment. How much of the very first payment is interest?\ \ Enter your answer in terms of dollars, rounded to the nearest cent, and without the dollar sign ('$'). For example, if your answer is $345.6789, just enter 345.68