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Problem # 1: A loan is amortized over 5 years, with monthly payments at a nominal rate of 8% compounded monthly. The first payment is

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Problem \# 1: A loan is amortized over 5 years, with monthly payments at a nominal rate of 8% compounded monthly. The first payment is $1000, paid one month from the date of the loan. Each succeeding monthly payment will be 4% lower than the prior one. What is the outstanding balance immediately after the 30th payment is made? Problem \# 1

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