A loan is amortized by level payments every February 1, plus a smaller final payment. The borrower notices that the interest paid in the February 1, 2004, payment was 103.00, and the interest in the February 1, 2005, payment will be 98.00. The rate of interest on the loan is i = .08.

a) Find the principal repaid in the 2005 payment. b) Findthedateandamountofthesmallerfinalpaymentmadeoneyearafterthe

last regular payment.

Please solve this question with detailed explanation