Compute the lump-sum amount

Reference no: EM13191631

You borrowed $12,000 to buy a new car from a bank at an interest rate of 9% compounded monthly. This loan will be repaid in 48 equal monthly installments over four years. Immediately after the 20 th payment, you desire to pay the remainder of the loan in a single payment. Compute this lump-sum amount.

Reference no: EM13191631

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