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You borrow $ 7 5 , 0 0 0 for three years. This is an amortized loan. Payments are the same each month. The loan

You borrow $75,000 for three years. This is an amortized loan. Payments are the same each month. The
loan is fully paid off with the final payment. The quoted interest rate (or APR) is 9% per year with monthly
compounding. Assuming you make all of your payments on time, what is the outstanding balance on the
loan right after you have made your 31st payment (i.e., with 5 payments remaining)

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