Calculate the outstanding loan balance

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Reference no: EM131544387

A loan is being repaid over 5 years with monthly payments at a nominal rate of interest of 24% compounded monthly. The first payment is $1,000 and is to be paid one month from the date of the loan. Each succeeding monthly payment will be 1 % greater that the prior payment. Calculate the outstanding loan balance immediately after the 24^th payment.

Reference no: EM131544387

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