1)

A loan of 160,000 is going to be repaid by month-end repayments of 3,000 starting in one month. The interest rate is 3.7% p.a. compounded monthly. Calculate the loan outstanding balance at the end of year 2. Correct your answer to the nearest cent without any units. (Do not use "$" or "," in your answer. e.g. 12345.67)