Your friend tells you that he accumulated some gambling debts with unsavory people, and by some he means $$39000. Your friend had to agree to a 6-year repayment plan with monthly payments (in arrears) and an interest rate of 14.0%, monthly compounded. Your friend was able to meet his obligations for the first 2 years.

What was his initial monthly payment? $$ (Round to the nearest cent.)

What is the balance of the loan after 2 years? $$ (Round to the nearest cent.)

Since then, your friend has only been able to pay $$432.25 per month. If he keeps up this amount until the end of the loan, what will be the outstanding loan balance at the end of the originally scheduled 6 years?

$$ (Round to the nearest dollar.)