Oleg has a loan for $20000 for 4 years at 7.75% comounded 365 times per year. He makes level monthly payments at the end of each month.

a) What is the effective monthly interest rate?

b) What are his monthly payments?

c) What is the Outstanding Balance on his loan after 1 year?

d) If, at the end of 1 year, the interest rate changes to 7.25% (compounded 365 times per year), what is the Present Value of his remaining monthly payments (at the new interest rate)?

e) If he borrows the amount from part c) to pay off the loan with the same payment schedule as before (monthly payments for 3 more years, how much will his payments be?