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In order to buy a car, you borrow $33,000 from a friend at 8%/year compounded monthly for 4 years. You plan to repay the loan

In order to buy a car, you borrow $33,000 from a friend at 8%/year compounded monthly for 4 years. You plan to repay the loan with 48 equal monthly payments.

What is the remaining balance after the 37th payment?

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