1. Paul has a loan with quarterly payments for twelve years (i.e., 48 payments). The principal portion of the 2nd payment is $233.45, and the principal portion of his 38th payment is $399.00. Find the original loan amount, the nominal annual interest rate, and the monthly payment, and compute the balance at the end of year seven to the nearest penny. (Hint: if you do it correctly, the numbers should work out nicely.)