Question: Please need written answer on paper for understanding Consider a 6 year $100,000 loan with level (equal) monthly payments, where the first payment is one

Please need written answer on paper for understanding Consider a 6

Please need written answer on paper for understanding

Consider a 6 year $100,000 loan with level (equal) monthly payments, where the first payment is one month after the loan is issued. For the first 3 years the nominal annual interest rate compounded monthly in 6%, and for the final 3 years the nominal annual interest rate compounded monthly is 12%. Calculate the monthly payment, and also the outstanding balance at the end of 3 years, right after the 36th monthly payment has been made

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