Question: (1 point) (Exercise 5.34) A loan is amortized over 8 years with monthly payments at a nominal interest rate of 8% compounded monthly. The first

(1 point) (Exercise 5.34) A loan is amortized over 8 years

(1 point) (Exercise 5.34) A loan is amortized over 8 years with monthly payments at a nominal interest rate of 8% compounded monthly. The first payment is $900 and is to be paid one month from the date of the loan. Each succeeding monthly payment will be 3% lower than the prior payment. Calculate the outstanding loan balance immediately after the 71th payment is made. ANSWER = $

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