Calculate the amount of the loan outstanding balance at the end of month 87.

At least one of the following excel TVM functions must be used: =PV(), =FV(), =PMT(), =RATE(), =NPER(), =IPMT(), =PPMT(), =CUMIPMT(),=CUMPRINC().

NPER1 Number of months with interest only repayments : 18

Number of years, n, with Principal & Interest (P&I) repayments : 23

NPER2 Number of months, n*m, with Principal & Interest (P&I) repayments : 276

Interest rate, jm, p.a (compounding monthly) : 9%

Interet rate per month (i=jm/m) : 9%/12 Loan amount : $928,022

P&I(fixed monthly repayment after interest only expires) : 7,974.20