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To repay her gambling debts, Tsunade borrows money from Jiraiya. This 25-year loan is being paid off via level amortization payments made at the end

To repay her gambling debts, Tsunade borrows money from Jiraiya. This 25-year loan is being paid off via level amortization payments made at the end of each quarter. The nominal annual interest rate is 12%, convertible monthly. The amount of principal reduction in the 29th payment is 1,860. Determine the amount of principal reduction in the 61st payment.

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