A loan is amortized over 8 years, with monthly payments at a nominal rate of ( 8.7 % ) 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 30 th payment is made?

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A loan is amortized over 8 years, with monthly payments at a nominal rate of  ( 8.7  %  ) 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 30 th payment is made?

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