Quantitative Problem: You need $$13,000$ to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like you to make annual payments for $5$ years, with the first palyment to be made one year from today. He requires a $7\%$ annual return.

a$.$ What will be your annual loan payments? Do not round intermediate calculations. Round your answer to the nearest cent. $

b$.$ How much of your first payment will be applied to interest and to principal repayment? Do not round intermediate calculations. Round your answers to the nearest cent.

Interest: $

Principal repayment: $