A loan is amortized over five years with monthly payments at an annual nominal interest...
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A loan is amortized over five years with monthly payments at an annual nominal interest rate of 6% 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 3% lower than the prior payment.
Calculate the outstanding loan balance immediately after the 40th payment is made.
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