(2 points) (Exercise 5.34) A loan is amortized over 5 years with monthly payments at a nominal interest rate of 8% compounded monthly. The first payment is $1400 and is to be paid one month from the date of the loan. Each succeeding monthly payment will be 2% lower than the prior payment. Calculate the outstanding loan balance immediately after the 34th payment is made. ANSWER = $ (2 points) (Exercise 5.34) A loan is amortized over 5 years with monthly payments at a nominal interest rate of 8% compounded monthly. The first payment is $1400 and is to be paid one month from the date of the loan. Each succeeding monthly payment will be 2% lower than the prior payment. Calculate the outstanding loan balance immediately after the 34th payment is made. ANSWER = $