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An amortized loan requires 500 end of month payments of 1, 2, 3, 4, ..., 499, 500. The nominal interest rate is 6% convertible monthly.

An amortized loan requires 500 end of month payments of 1, 2, 3, 4, ..., 499, 500. The nominal interest rate is 6% convertible monthly. Find the outstanding balance of the loan immediately after the 5th payment.

(a) 30514.11 (b) 29342.46 (c) 29327.36 (d) 28619.77 (e) 31589.03

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