Mr. Jones decides to purchase a car for $35,000. Mr. Jones has an excellent credit rating, so the dealer offers to finance the car at 6% interest over a 5-year period. The monthly payment is $676.65

Given the above information , what will be the amount of interest Mr. Jones will pay when he makes his first payment? How much principle will be applied and how much will Mr. Jones still owe on his car at the end of 12 months, assuming he makes all payments on time?