L is amortized over 6 years with monthly payments at a nominal interest rate of 12% compounded month The first payment is $2000 and is to be paid one month from the date of the loan. Each succeeding monthly payment will be 3% greater than the prior payment. Calculate the amount of the loan L 1. A 20-year loan involves payments of $2,500 at the end of each year. If one-half of the 12th payment is principal repayment, what is the effective annual interest rate on the loan