Saved If your uncle borrows $70,000 from the bank at 12 percent Interest over the ten-year life of the loan. (Use a Financial calculator to arrive at the answers. Round the final answers to the nearest whole dollar.) a. What equal annual payments must be made to discharge the loan, plus pay the bank its required rate of interest? Annual payments $ b. How much of his first payment will be applied to interest and to principal? 3:11 First payment Interest Principal $ c. How much of his second payment will be applied to interest and to principal? Second payment Interest Principal