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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
6%
compounded
quarterly
for the first 21 months and
6.55%
compounded
monthly
for the remaining time. What was the size of the final payment?
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