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A loan of $40000 is take out at time to. The loan will be repaid...

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Accounting

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A loan of $40000 is take out at time to. The loan will be repaid with monthly payments of X = $800 at the end of each month. The loan has a nominal annual rate of interest of 6% compounded monthly. Determine the balance on the loan after the 19th payment. Hint: The retrospective method is the most direct method for solving the problem. Enter your answer to the nearest cent

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