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A loan is amortized over 6 years, with monthly payments at a nominal rate of 7.9% compounded monthly. The first payment is $1000, paid
A loan is amortized over 6 years, with monthly payments at a nominal rate of 7.9% compounded monthly. The first payment is $1000, paid one month from the date of the loan. Each succeeding monthly payment will be 4% lower than the prior one. What is the outstanding balance immediately after the 30th payment is made?
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Contemporary Business Mathematics with Canadian Applications
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
10th edition
133052311, 978-0133052312
