Bring down the loan quickly

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Reference no: EM131909520

How much will you owe a bank at the end of the 34th month if you took a loan of $125,000 for a period of 48 months at a rate of 4% per year compounded daily, if you paid the bank your entire bonus of $20,000 at the end of the 6th month to bring down the loan quickly? You make payments to the bank at the end of every month.

Reference no: EM131909520

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