9) A loan is amortized over 25 years with monthly payments at a nominal interest rate of 2% compounded monthly. The first payment is 1000 and is to be paid one month from the date of the loan. a) Calculate the outstanding loan balance immediately after the 25th payment is made. [7] b) Define APR [3] c) Suppose that the loan has fees of $5000 that are paid at the start of the loan. Find the APR on the loan. [5]