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Ms . Shillingford agrees to repay a loan by paying $ 5 0 0 at the end of each month for 5 years. The first

Ms. Shillingford agrees to repay a loan by paying $500 at the end of each month for 5 years. The first payment is due at the end of the 5th month from today (count 5 years from that moment). If the interest rate is 4% compounded monthly, find the amount of the loan. Choose the closest answer.
a) $29,852
b) $29,088
c) $27,150
d) $26,791
e) $24,683

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