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Quantitative Problem: You need $13,000 to purchase a used car. Your wealthy uncle is willing to iend you the money as an amortized loan, He

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Quantitative Problem: You need $13,000 to purchase a used car. Your wealthy uncle is willing to iend you the money as an amortized loan, He would like you to make annual payments for 6 years, with the first payment to be mode one year from today. He requires a 6% annual return. a. What wol be your annual loan payments? Do not round intermediate calculations. Round your answer to the nearest cent. 5 b. How much of vour first payment will be applied to interest and to principal repoymene? Do not round intermediate calculations. Round your answer to the nearest cent. Interest: 5 Principal repayment: 5

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