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A loan is amortized over 5 years, with monthly payments at a nominal rate of 8.5% compounded monthly. The first payment is $1000, paid one month from…

A loan is amortized over 5 years, with monthly payments at a nominal rate of 8.5% compounded monthly. The first payment is $1000, paid one month from the date of the loan. Each succeeding monthly payment will be 3% lower than the prior one. What is the outstanding balance immediately after the 30th payment is made?

 

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