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For bonds, assume coupons paid semi-annually, coupon rates and yields quoted with semi-annual compounding, and redeemable at par unless otherwise noted (Ignore it if it's

For bonds, assume coupons paid semi-annually, coupon rates and yields quoted with semi-annual compounding, and redeemable at par unless otherwise noted (Ignore it if it's not relevant to the question).

A loan of $360,000 is repaid with monthly payments at the end of each month for fifteen years at 5% convertible monthly. Find the outstanding loan balance at the end of the second year.

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