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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

9 %

compounded monthly. The first payment is $

1000

and each succeeding

monthly payment will be

2 %

lower than the prior payment. Calculate the outstanding loan balance

immediately after the

40

th payment is made.

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