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John borrows 8,000 that is to be paid back over 15 years with level monthly payments at the end of each month. The interest is

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John borrows 8,000 that is to be paid back over 15 years with level monthly payments at the end of each month. The interest is charged on the loan at a nominal rate of 12% compounded monthly. What is the outstanding balance of the loan immediately after his 60 th payment? (Hint: find the monthly payment first, then calculate outstanding balance prospectively)

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