A) If Dave had borrowed $120 for one year at an APR of 5 percent, compounded monthly, what would have been his monthly loan payment? Use Exhibit 1B-4

A) If Dave had borrowed $120 for one year at an APR of 5 percent, compounded monthly, what would have been his monthly loan payment? Use Exhibit 1B-4. (Do not round your intermediate calculations. Round your final answer to 2 decimal places. Omit the "$" sign in your response.)
 
PMT           $ 
 
b. What would have been the breakdown between interest and principal of the fifth payment? Use Exhibit 1B-4. (Do not round your intermediate calculations. Round your final answers to 2 decimal places. Omit the "$" sign in your response.)