Assume you have taken out a 25-year loan of $177,790 with an annual interest rate of 6.75%, compounded monthly.

(a)

Determine the payment amount (in dollars), to the nearest cent, on the given loan amount.

$

(b)

Determine the outstanding balance (in dollars), to the nearest dollar, after 17 years.

$

Assume you have taken out a 25 -year loan of $177,790 with an annual interest rate of 6.75%, compounded monthly. (a) Determine the payment amount (in dollars), to the nearest cent, on the given loan amount. (b) Determine the outstanding balance (in dollars), to the nearest dollar, after 17 years