THIS IS THE ONLY INFO GIVEN:

1st question

The third file is for a client named Alexei. Alexei took out a personal loan exactly one year ago with Harrison Bank. From his file, you have noted the following information:

• Original loan amount: $56,000
• Current loan outstanding: $52312.12
• Monthly repayment: $810
• Next repayment: Due exactly 1 month from now
• Interest rate on loan: i₁₂=11.1%

For the purposes of the remaining questions, use the rounded values given above. Using this information, determine the following:

1. How much principal has Alexei repaid over the last year? Give your answer to the nearest cent, and do NOT include a dollar sign. (Show the Solution)

2. How much interest has Alexei been charged over the past year? Give your answer to the nearest cent, and do NOT include a dollar sign. (Show the Solution)

3. If Alexei continues making monthly repayments of $810, and if the interest rate does not change, how many further FULL repayments does he expect to have to make in order to repay the loan? Do NOT include any final smaller repayment to pay off the remaining balance. (Show the Solution)

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2nd QUESTION not related above

(different problem) The second file is for a client named Toomes, who also has a mortgage with the bank. The details you can gather for Toomes loan are as follows:

• Current loan outstanding: $360,000
• Current monthly repayment: $1800
• Next repayment: Due exactly 1 month from now
• Interest rate on loan: ₁₂=3.9%

Using this information, determine the following:

1. How much interest is Toomes charged for the coming month? Do NOT include a dollar sign in your answer. (Show the Solution)

2. What will be Toomes loan outstanding after 1 month, immediately after the payment due on that day? Do NOT include a dollar sign in your answer. (Show the Solution)

3. What is the loan outstanding after 1 year? Give your answer to the nearest cent, and do NOT include a dollar sign. (Show the Solution)