Question: Problem #1: A loan is amortized over 9 years, with monthly payments at a nominal rate of 8.5% compounded monthly. The first payment is $1000,

Problem #1: A loan is amortized over 9 years, with monthly

Problem #1: A loan is amortized over 9 years, with monthly payments at a nominal rate of 8.5% 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: 4757.21 Answer correct to 2 decimals. Just Save Submit Problem #1 for Grading Attempt #4 Attempt #5 Problem #1 Your Answer: Your Mark: Attempt #1 3980.59 0/2X Attempt #2 4757.20 0/2x Attempt #3 4757.21 0/2x Problem #1: A loan is amortized over 9 years, with monthly payments at a nominal rate of 8.5% 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: 4757.21 Answer correct to 2 decimals. Just Save Submit Problem #1 for Grading Attempt #4 Attempt #5 Problem #1 Your Answer: Your Mark: Attempt #1 3980.59 0/2X Attempt #2 4757.20 0/2x Attempt #3 4757.21 0/2x

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