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| rev | Admin | (Created page with "A loan is amortized over five years with monthly payments at an annual nominal interest rate of 9% compounded monthly. The first payment is 1000 and is to be paid one month from the date of the loan. Each succeeding monthly payment will be 2% lower than the prior payment. Calculate the outstanding loan balance immediately after the 40<sup>th</sup> payment is made. <ul class="mw-excansopts"><li>6750</li><li>6890</li><li>6940</li><li>7030</li><li>7340</li></ul> {{soacop...") | Nov 18'23 at 22:54 | +491 |