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What will be your annual loan payments

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Question - You need $17,000 to purchase a used car. Your wealthy uncle is willing to lend you the money as an amortized loan. He would like you to make annual payments for 6 years, with the first payment to be made one year from today. He requires a 9% annual return.

-What will be your annual loan payments? Do not round intermediate calculations. Round your answer to the nearest cent.

-How much of your first payment will be applied to interest and to principal repayment? Do not round intermediate calculations. Round your answers to the nearest cent.

Reference no: EM133015786

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