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In his unending efforts to catch the ever elusive RoadRunner, Wiley E. Coyote plans to buy a spanking new corvette at a cost of $72,000.

In his unending efforts to catch the ever elusive RoadRunner, Wiley E. Coyote plans to buy a spanking new corvette at a cost of $72,000. Wiley makes a 20% downpayment and finances the rest of the amount for 7 years through ACME Bank at 8% compounded monthly. Determine the principal outstanding in the 29th payment.

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