You have just taken out a $16,000 car loan with a 7% APR, compounded monthly. The loan is for five years. When you make your first payment in onemonth, how much of the payment will go toward the principal of the loan and how much will go towardinterest?(Note: Be careful not to round any intermediate steps less than six decimalplaces.)

You have just taken out a $16,000 car loan with a 7% APR, compounded monthly. The loan is for five years. When you make your first payment in onemonth, how much of the payment will go toward the principal of the loan and how much will go towardinterest?(Note: Be careful not to round any intermediate steps less than six decimalplaces.)

When you make your first payment, $__ will go towards the principal of the loan and $__ will go towards the interest. (Round to the nearest cent)