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A loan will be repaid in 7 years with monthly payments at a nominal interest rate of 5% monthly convertible. Each payment is $1,200 and

A loan will be repaid in 7 years with monthly payments at a nominal interest rate of 5% monthly convertible. Each payment is $1,200 and the first payment is to be paid one month from the date of the loan. Calculate the outstanding loan balance immediately after the 36th payment is made. Please show work, no excel, thank you

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