If your uncle borrows $51,000 from the bank at 9 percent interest over the sevenyear life of the loan. Use Appendix D for an approximate answer but calculate your final answer using the formula and financial calculator methods.
a. What equal annual payments must be made to
discharge the loan, plus pay the bank its required rate of
interest? (Do not round intermediate calculations. Round
your final answer to 2 decimal places.)
Annual payments $10,133.52
b. How much of his first payment will be applied
to interest? To principal? (Do not round intermediate
calculations. Round your final answers to 2 decimal
places.)
First Payment Interest $5,543.52 Principal$45,456.48
c. How much of his second payment will be applied
to each? (Do not round intermediate calculations. Round
your final answers to 2 decimal places.)

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