Problem #1: A loan is amortized over 9 years, with monthly payments at a nominal rate of 7% compounded monthly. The first payment is $1000, paid one month from the date of the loan. Each succeeding monthly payment will be 4% lower than the prior one. What is the outstanding balance immediately after the 30th payment is made? Problem #1: Answer correct to 2 decimals. Just Save Submit Problem #1 for Grading Attempt #1 Attempt #2 Attempt #3 Attempt #4 Attempt #5 Problem #1 | Your Answer: Your Mark