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A loan of $2000 with interest at 12% compounded monthly is to amortized by equal payments at the end of each month over a period

A loan of $2000 with interest at 12% compounded monthly is to amortized by equal payments at the end of each month over a period of 18 months. Find the outstanding principal at the end of 8 months (rounded to the nearest $).

Select one:

a. $1190

b. $1024

c. $1155

d. $1840

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