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William had a loan of $109,000 and made payments of $2,750 at the end of every month to settle it. If he received the loan

William had a loan of $109,000 and made payments of $2,750 at the end of every month to settle it. If he received the loan at 4.92% compounded monthly, what was the balance of the loan at the end of two years? $53,569.70 $51,039.34 $120,246.85 $48,498.60

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