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Yi bought a new car for 25,000 using a loan from Bian Bank. The loan is being repaid with 24 monthly payments at a nominal
Yi bought a new car for 25,000 using a loan from Bian Bank. The loan is being repaid with 24 monthly payments at a nominal annual interest rate of 9% compounded monthly. Yi makes the first nine payments. She forgets to make the payment at the end of the the 10th month. She then makes the next seven payments as scheduled. Right after making the payment at the end of the 17th month, Yi decides to sell her car and she will need to repay the outstanding loan balance at that time. Determine the outstanding loan balance that Yi will need to pay to Bian Bank
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