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A loan of 1 1 , 0 0 0 is made with interest at a nominal annual rate of 1 2 % compounded monthly. The

A loan of 11,000 is made with interest at a nominal annual rate of
12% compounded monthly. The loan is to be repaid by 36 monthly
payments of 367.21 over 37 months, starting one month after the
loan is made, there being a payment at the end of every month but
one. At the end of which month is the missing payment?

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