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1. With his financial target to be debt-free, John replaced his credit card debt by borrowing $85000. He is to make equal monthly payments over

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1. With his financial target to be debt-free, John replaced his credit card debt by borrowing $85000. He is to make equal monthly payments over the next 49 months. What is the outstanding balance of the loan after 23 months if interest is 7.63% compounded monthly? (20 marks)

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