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4. Sally borrows 40,000 from a lender. She will repay the loan with 84 end of month payments of 600 with the first payment occurring

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4. Sally borrows 40,000 from a lender. She will repay the loan with 84 end of month payments of 600 with the first payment occurring one month from the origination date of the loan. The nominal rate of interest is i convertible monthly. Find the outstanding loan balance immediately after the first payment has been made

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