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Nicholas receives loan proceeds today from a financial institution. Nicholas agrees to pay the financial institution $500 at the beginning of each month over a

Nicholas receives loan proceeds today from a financial institution. Nicholas agrees to pay the financial institution $500 at the beginning of each month over a 3-year period, with the first payment due immediately. Assuming the interest rate on the loan is 8.4%, what is the present value of the loan?

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

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