1) Emily takes out a 4-year loan that she repays using the amortization method. She makes monthly payments at a nominal annual interest rate of 6% compounded monthly. The first payment is $60 and is to be paid one month from the date of the loan. Each succeeding monthly payment will be 1% larger than the prior payment.
2) Logan takes out a 7-year loan L that he repays using the amortization method. He makes monthly payments at a nominal annual interest rate of 6% compounded monthly. The first payment is $600 and is to be paid one month from the date of the loan. Each succeeding monthly payment will be 1% lower than the prior payment. Calculate the loan amount and the outstanding loan balance after the 44 th payment.