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Homework answers / question archive / 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.)**

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Interest | $ |

Principal | $ |