A person borrows an amount for a new house and s/he is going to make monthly payments of 8,000 $ for the next 10 years. The nominal annual interest rate is quoted as 12%. (Assume the first instalment is going to be paid 1 month after s/he borrows.)

1. Find the amount borrowed by this person.
2. How much does this credit worth at the end of the last payment date?

c.If this person decides on closing his/her loan after paying the 34^th instalment, how much should s/he pay? It is given that the closing fee of this credit is 1,453 $.