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A borrower had a loan of $40,000.00 at 5% compounded annually, with 8 annual payments. Suppose the borrower paid off the loan after 4 years.

A borrower had a loan of $40,000.00 at 5% compounded annually, with 8 annual payments. Suppose the borrower paid off the loan after 4 years. Calculate the amount needed to pay off the loan. The amount needed to pay off this loan after 4 years is $ (Round to the nearest cent as needed.)

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