Agus takes out a 10 years loan for $60,000 with non-level end of monthly

payments. The annual nominal interest rate of the loan is 12% convertible monthly. Each of the first

twenty four payments equals 300% of the amount of interest due. Immediately after the 24th payment is

made, the remaining loan balance is reamortized with level end of monthly payments. The maturity date

of the loan remains unchanged, but the annual nominal interest rate of the loan is changed and dropped

to 6% convertible monthly. Calculate the new end of the monthly payment, and calculate the principal

repaid at the end of 9th year (108th months). SHOW YOUR WORK