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Question 7 (6 points) Tom borrows $20,000 to be repaid with 24 monthly payments at an interest rate of 6% compounded monthly. He pays his

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Question 7 (6 points) Tom borrows $20,000 to be repaid with 24 monthly payments at an interest rate of 6% compounded monthly. He pays his first 20 payments, but misses the next three payments (payments 21, 22 and 23). What amount must he now pay at the end of month 24 to reduce his outstanding balance to zero? Paragraph B. 1 UA OU + 33

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