loan of $100,000 is being repaid by level annual payments at the end of each year for 20 years Find the payment amount if the annual effective rate of interest is 5% A loan of $700 is being repaid at 8% annual effective interest rate using the amortization method. The payments are $186, $366, and $269 57 at the end of years 1, 2, and 3, respectively. Determine the outstanding loan balance after the 1st payment