Consider a 6 year $100,000 loan with same monthly payments, where the first payment is one month after the loan is issued. For the first 3 years the nominal annual interest rate compounded monthly in 6%, and for the final 3 years the nominal annual interest rate compounded monthly is 12%. Calculate the monthly payment, and also the outstanding balance at the end of 3 years, right after the 36th monthly payment has been made.