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Ali borrowed $50,000 from a bank at an interest rate of 10% compounded monthly. This loan is to be repaid in 48 equal monthly installments

  1. Ali borrowed $50,000 from a bank at an interest rate of 10% compounded monthly. This loan is to be repaid in 48 equal monthly installments over four years. Immediately after his 20th payment, Ali desires to pay the remainder of the loan in a single payment. Compute the total amount he must pay at that time.

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