1. 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: $698,000
• Current monthly repayment: $3450
• Next repayment: Due exactly 1 month from now
• Interest rate on loan: i12=i12=4.6%

Using this information, determine the following:

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

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.

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

Using this information, determine the following:

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