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: A loan is amortized over 5 years, with monthly payments at a nominal rate of 8.3% compounded monthly. The first payment is $1000, paid

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: A loan is amortized over 5 years, with monthly payments at a nominal rate of 8.3% compounded monthly. The first payment is $1000, paid one month from the date of the loan. Each succeeding monthly payment will be 2% lower than the prior one. What is the outstanding balance immediately after the 30th payment is made? 11278.65 Answer correct to 2 decimals. Just Save Submit Problem #1 for Grading

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