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Current loan outstanding: $406,000 Current monthly repayment: $2820 Next repayment: Due exactly 1 month from now Interest rate on loan: 12=7% What is the loan

  • Current loan outstanding: $406,000
  • Current monthly repayment: $2820
  • Next repayment: Due exactly 1 month from now
  • Interest rate on loan: 12=7%
  • What is the loan outstanding after 1 year? Give your answer to the nearest cent, and do NOT include a dollar sign.

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