Suppose you have a credit card with an APR of 20%. Over the last 30-day billing cycle you have carried an average daily balance of $1,200. What is your total interest expense for this billing cycle? On January 1, Pablo borrows $5,000 with a fixed interest rate on the loan of 10 percent and a loan term of 2 years. He will be making monthly payments of $230.72. How much of Pablo's first loan payment on February 1 would be principal? What is the principal after that payment?