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Semiannual payments of $ 1 2 4 0 will pay off the balance owed on a loan in 9 ( 1 ) / ( 2

Semiannual payments of $

1240

will pay off the balance owed on a loan in

9 (1) / (2)

years. If the interest rate on the loan is

5.9 %

compounded semiannually, what is the current balance on the loan?

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