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4) Ann is taking a 1-year loan with payments at the end of each month. The first 8 payments are $1000 and the final

4) Ann is taking a 1-year loan with payments at the end of each month. The first 8 payments are $1000 and the final 4 payments are $600. The nominal annual interest rate compounded monthly is 6%. Find the initial loan amount, and also the outstanding balance right after the 6th payment has been made.

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