N8

Allan borrowed $ 310000 on January 1, 1976, which was to be repaid in 360 level monthly installments at a nominal annual interest rate of 9 % convertible monthly. The first monthly payment was due February 1, 1976. Allan missed the first payment, but began making payments on March 1, 1976, and he made 359 payments. Determine how much Allan owed on the loan after making his 359-th payment.