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A variable rate demand loan showed an initial balance of $9000.00, payments of $4000.00 after six months, $4000.00 after 21 months, and a final payment
A variable rate demand loan showed an initial balance of $9000.00, payments of $4000.00 after six months, $4000.00 after 21 months, and a final payment after four years. Interest was 8% compounded quarterly for the first 21 months and 7.65% compounded monthly for the remaining time.
What was the size of the final payment? Round the final answer to the nearest cent as needed.
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