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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

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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