Sylvain borrowed $200,000 at 7.39% for 10 years for start-up costs for his new business. Assume he makes all of his monthly payments as scheduled.

(a) How much of his first payment will go toward interest, and how much will go toward principal?

(b) How much of his 37th payment will go toward interest versus principal? (Hint: First, fi nd how much he owes when he has 84 payments left to make).

(c) How much of his last payment will go to interest versus principal?