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A loan is amortized over 6 years with a nominal interest rate of 8 . convertible monthly. The level monthly payment of $ 1 0

A loan is amortized over

6

years with a nominal interest rate of

8 .

convertible monthly. The level monthly payment of $

1000

is made

1

month after loan is agreed. Calculate the outstanding balance right after the

27

th paymen made.

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