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A loan of $4000 is taken out in the beginning of January. It is to be paid back within 1-year period with partial payments (at
A loan of $4000 is taken out in the beginning of January. It is to be paid back within 1-year period with partial payments (at the end of month) of $490 in March, $1500 in Jul, and $1000 in Sep. If the rate of interest is 9%, what is the final balance due at the end of Dec. using the Declining Balance Method (US rule)?
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