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A loan requires 500 end of month payments of 1, 2, 3, 4, ..., 499,...

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Finance

A loan requires 500 end of month payments of 1, 2, 3, 4, ..., 499, 500. The nominal interest rate is 12% convertible monthly. Find the outstanding balance of the loan immediately after the 495th payment.

(A) 1651 (B) 1803 (C) 1941 (D) 2056 (E) 2417

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