android studio sdk problem,Problems with Android Studio - "Please specify Android SDK" - Stack Overf...

I've just updated to the newest version of Android Studio, and started a fresh, empty project. After finishing the wizard, I opened the main Activity.java file, and there was a message that said:

Gradle project sync failed. Basic functionality will not work properly

I found that I should try the button Sync Project with Gradle Files. This produces another error:

Failed to refresh Gradle project. Could not find any version that matches com.android.support:appcompat-v7:+

Please install the Android Support Repository from the Android SDK Manager

I tried to open the Android SDK manager and got another error:

Please specify Android SDK

So I went into my Project Structure, which has two sections, 'app' and 'Android SDK'. Android SDK points correctly to the Android SDK directory, and app is blank.

What should I do?

I tried downloading the latest SDK bundle and pointing to that in the Project Structure instead, but that hasn't fixed the problem.