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Nicholas receives loan proceeds today from a financial institution. Nicholas agrees to pay the financial institution $1,000 at the end of each month over a

Nicholas receives loan proceeds today from a financial institution. Nicholas agrees to pay the financial institution $1,000 at the end of each month over a 3-year period, beginning one month from today. Assuming the interest rate on the loan is 8.5%, what is todays amount of the loan?

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