A debt is amortized by monthly payments of $250. Interest is 8% compounded monthly. If the outstanding

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A debt is amortized by monthly payments of $250. Interest is 8% compounded monthly. If the outstanding balance is $3225.68 just after a particular payment (say, the xth payment), what was the balance just after the previous payment (i.e., the (x − 1)th payment)?
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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