Question: Problem #1 : A loan is amortized over 4 years, with monthly payments at a nominal rate of 81% compounded monthly. The first payment is

Problem #1 : A loan is amortized over 4 years, with

Problem #1 : A loan is amortized over 4 years, with monthly payments at a nominal rate of 81% compounded monthly. The first payment is $1000, paid one month fronm the date of the loan. Each succeeding monthly payment will be 4% lower than the prior one. What is the outstanding balance immediately after the 30th payment is made? Problem #1 Answer correct to 2 decimals

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