Question: Problem #1: A loan is amortized over 9 years, with monthly payments at a nominal rate of 9.2% compounded monthly. The first payment is $1000,

Problem #1: A loan is amortized over 9 years, with monthly payments at a nominal rate of 9.2% compounded monthly. The first payment

Problem #1: A loan is amortized over 9 years, with monthly payments at a nominal rate of 9.2% compounded monthly. The first payment is $1000, paid one month from 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. Problem #2: A mortgage is being paid with level monthly payments, which pay off the interest for that month, and provide some repayment of the principal. If the principal repayment in two successive months is $1600.00 and $1609.23, what is the nominal annual interest rate? Problem #2: Answer as a percentage, correct to 2 decimals

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