1. You have just taken out a $26,000 car loan with a 7 % ?APR, compounded monthly. The loan is for five years. When you make your first payment in one? month, how much of the payment will go toward the principal of the loan and how much will go toward? interest??(Note: Be careful not to round any intermediate steps less than six decimal? places.)
2. Determine the monthly payment for a mortgage at 0.5% monthly interest rate for a house of one million dollars financed over 15 years. For each month, determine how much of each payment correspond to principal and how much interest.