Daniel borrowed $20,000 with a promise to repay the loan in 6 years with uniform

monthly payments at a nominal interest rate of 12% per year compounded monthly.

5-3 Daniel bonowed $2t}, with a promise to repay the loan in 8 years with uniform monthly payments at a nominal interest rate of 12% per year oompounded monthhr. {i} What is the amount of interest he paid in the 2m! payment? {ii} What will be the loan balance immediately after the 20m payment? That is, if Daniel wants to pay off the loan what would he the size of the cheek he would write [remaining balance of the loan)