es Your uncle borrows $60,000 from the bank at 10 percent interest over the seven-year life of the loan. a. What equal annual payments must be made to discharge the loan, plus pay the bank its required rate of interest? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Annual payments Interest Principal $ b. How much of his first payment will be applied to interest? To principal? (Do not round intermediate calculations. answers to 2 decimal places.) Interest Principal First Payment 12,324.33 c. How much of his second payment will be applied to each? (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Second Payment ound your final

Your uncle borrows $60,000 from the bank at 10 percent interest over the seven-year life of the loan. a. What equal annual payments must be made to discharge the loan, plus pay the bank its required rate of interest? (Do not round intermediate calculations, Round your final answer to 2 decimal places.) b. How much of his first payment will be applied to interest? To principal? (Do not round intermediate calculations. Round your final answers to 2 decimal places.) c. How much of his second payment will be applied to each? (Do not round intermediate calculations. Round your'final answers to 2 decimal places.)