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Calculate the outstanding loan balance

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Reference no: EM132171853

A loan is amortized over 7 years with monthly payments at a nominal interest rate of 6% compounded monthly. The first payment is $900 and is to be paid one month from the date of the loan. Each succeeding monthly payment will be 1% lower than the prior payment. Calculate the outstanding loan balance immediately after the 61st payment is made.

Reference no: EM132171853

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