On October 1, 2022 you take out a loan of $20000 from the bank, which offers a promotional rate of 3% (APR) compounded monthly. You agree to make monthly payments of R for 3 years at the end of each month, starting October 31, 2022, so that the last payment is made on September 30, 2025.

1. Compute R (rounded to two decimal places).

2. Using your answer in part (1), compute how much principal remains on the loan on June 1, 2023.