Quantitative Problem: You need $11,000 to purchase a used car. Your wealthy unde is willing to lend you the money as an amortized loan. He would like you to make annual payments for 6 years, with the first payment to be made one year from today. He requires a 7 annual return. Do not round intermediate calculations. Round your answers to the nearest cent. 3. What will be your annual loan payments? 5 b. How much of your first payment will be applied to interest and to prindo repayment Interests Principal repayments