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A loan of $100,000 is repaid with monthly payments of $1000 at the end of each month, and a smaller final payment one month

 


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A loan of $100,000 is repaid with monthly payments of $1000 at the end of each month, and a smaller final payment one month after the last regular payment, at a nominal interest rate of (12)=0.06. Find the outstanding loan balance, when the borrower has made payments equal to the amount of the loan.

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