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A loan is amortized over five years with payments made at the end of each month at a nominal interest rate of 9 % compounded
A loan is amortized over five years with payments made at the end of each month at a nominal interest rate of compounded monthly. The first payment is $ and each succeeding monthly payment will be lower than the prior payment. Calculate the outstanding loan balance immediately after the th payment is made.
A loan is amortized over five years with payments made at the end of each month at
a nominal interest rate of compounded monthly. The first payment is $ and each succeeding
monthly payment will be lower than the prior payment. Calculate the outstanding loan balance
immediately after the th payment is made.
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