14. Nadia takes out a loan of $150,000 to purchase an apartment. The loan is being charged a yearly interest rate of 2.5% applied monthly. Nadia is paying off the loan by making monthly payments of...

Extracted text: 14. Nadia takes out a loan of $150,000 to purchase an apartment. The loan is being charged a yearly interest rate of 2.5% applied monthly. Nadia is paying off the loan by making monthly payments of $500.00. (a) How much of Nadia's first payment goes towards paying interest and how much of it goes towards reducing the initial $150,000 loan amount? Show how you found your answers (b) Did Nadia reduce the loan amount she owed more in the first payment or the second payment? Justify.