SECTION B (20 MARKS) A one-year loan of 1,000 with monthly payments and 15 percent interest calculated on the declining balance is computed by entering the following on a financial calculator: PV = -1,000 (enter as negative amount, as it is a cash outflow). 1 = 15 percent a year; 1.25 percent a month. N=12 months. PMT=94.56 Total payments equal 1.134.72 (12 months at 94.56). Total interest is 134.56. The declining balance method is used by most financial institutions including MFIs. Calculate both the principal and interest payments each month and complete the table below. Month Interest 0 Payments Principal balance Outstanding 1,000.00 94.56 1 2 3 4 7 8 9 10 11 12 TOTAL