Use the table to solve this question You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment $($in $$)$ required to amortize $($pay off$)$ the following loan being considered by the bank $($use Table $12-2).($Round your answer to the nearest cent.$)$Loan Payment needs to be found using$(?)$ Payment period$=$every month

Term of Loan $($years$)=1$ & $1/4$ years Nominal Rate $6(\%)$

Present Value $($Amount of Loan$)=$$$20,000$