You and your spouse are borrowing money to purchase a home. The amount to be financed is equal to $720,000. The mortgage contract calls for equal monthly payments to be made at the end of every month for thirty years, a total of 360 monthly payments. The lender quotes a nominal annual interest rate of three percent, a fixed rate. There is no penalty for early repayment. And no escrow account is required. You want to know the size of the monthly payment. To the nearest dollar, the size of the monthly payment is equal to ____?

Suppose you borrowed $15,000 at a rate of 8.5% and must repay it in 5 equal installments at the end of each of the next 5 years. How much would you still owe at the end of the first year, after you have made the first payment?