Juni buys a new car. Her auto loan is $12,000 with an annual interest rate of 3% compounded monthly for 5 years. Her monthly payment is $287. The following table shows the first payment in the amortization schedule.
Explain what the missing values in the table should be, and show your work.
Payment number: 1
Loan Amount: 12,000
Payment: 287
Interest: ???
Principal: ???
Remaining Balance: ???