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Quantitative Problem: You need $15,000 to purchase a used car, Your wealthy unde is willing to lend you the money as an amortized loan. He

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Quantitative Problem: You need $15,000 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 5 years, with the first payment to be made one year from today, He requires a 6% annual return. a. What will be your annual loan payments? Do not round intermediate calculations. Round your answer to the nearest cent. 5. b. How much of your first payment wall be applied to interest and to princal repayment? Do not round intermediate calculations. Round your answers to the nearest cent. Interest: $ Principal repayment: $

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