1. A loan is amortized over 5 years with monthly payments at a nominal interest rate of 12% compounded monthly. The first payment is 200 and is to be paid one month from the date of the loan. Each...

Extracted text: 1. A loan is amortized over 5 years with monthly payments at a nominal interest rate of 12% compounded monthly. The first payment is 200 and is to be paid one month from the date of the loan. Each succeeding monthly payment will be 1% higher than the prior payment. Calculate the outstanding balance of the loạn immediately after the 10th payment is made.