Question: Can somebody help me with this? If you will write your answer by hand, please make sure it is clear. Please answer the question mathematically.

Can somebody help me with this? If you will write your answer by hand, please make sure it is clear. Please answer the question mathematically. Thank you!

We take a 20 year loan of $100,000 from a bank. The nominal annual interest rate is 3% with interest credited calculated monthly just before the monthly payments are due.

Find the amount of monthly payments.
Find the outstanding balance right at the end of the 10^th year using the prospective method.
Find the same outstanding balance using the retrospective method.

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