A loan of $25,000 is repaid with monthly payments of $500 at the end of each month, and a smaller final payment one month after the last regular payment, at a nominal interest rate of i(l2) = 0.06. Find the outstanding loan balance, when the borrower has made payments equal to the amount of the loan. Find an expression for the present value of an annuity-immediate with a period of 2n-years that pays 1, 2, 3, ..., n, n, ..., n. The effective rate of interest is i = 0.06