Quantitative Problem: You need $11,000 to purchase a used car. Your wealthy unde is witling to lend you the money as an amortized loan Would like you to make arinual payments for 4 years, with the first payment to be made one year from today. He requires a 7% anhual return. a. What will be your annual loan poyments? Do not round intermed ate calculations. Round your answer to the nearest cent. $ b. How much of your first payment will be applied to interest and to principai repoyment? Do not round intermediate calculations, Round your answers to the nearest cent. Interestis pincipal repoyment: 5