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Nicholas receives loan proceeds today from a financial institution. Nicholas agrees to pay the financial institution $2,800 at the end of each month over a

Nicholas receives loan proceeds today from a financial institution. Nicholas agrees to pay the financial institution $2,800 at the end of each month over a 3-year period, beginning one month from today. Assuming the interest rate on the loan is 3.6%, what is todays amount of the loan?

  • Round answer to the nearest whole dollar.
  • Do not use a negative sign with your answer.

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