One year ago you borrowed $10000 at an annual interest rate of 12% (1% per month) to be repaid in 36 monthly installments of $332.14 each. You have made 12 payments on the loan.

1. What is the current balance remaining on the loan? (Hint: What is the relationship between the present value of the remaining payments to be made on the loan and its current balance?)
2. What will be the balance owed on the loan one year from now if all payments are made as scheduled?
3. What is the dollar amount of interest to be paid on the loan in the coming year? (Hint: The answers to a and b are very useful in answering c.)