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An loan is paid in 3 years with monthly payment starting one month after the loan is made. The payments are A=560 each in the
An loan is paid in 3 years with monthly payment starting one month after the loan is made. The payments are A=560 each in the first year, and B=1,000 per month in the second year, and C=790 each in the last year. Interest is at a nominal rate of 8.4 percent convertible monthly. What is the outstanding balance after the 15th payment. Keep 4 decimal places only.
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