$(15$ pts$)$ You have just graduated UNM with $$40,000$ worth of student loan debt. After the $6-$ month grace period you begin making monthly payments on the loan, which has a $3\%$ APR interest rate and a term of $10$ years. What is the outstanding loan balance, to the penny, after two months?

Optional Bonus $(5$ pts$)$ If you make an additional $$63$ payment each month, what is the outstanding balance after two months?

Answer: $$ Bonus Answer: $$