Compute the total amount he must pay

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Reference no: EM131721203

Ed Hooks borrowed $30,000 from a bank at an interest rate of 9% compounded monthly The loan will be repaid in 36 equal monthly installments over 3 years. Immediately after his 20th payment, Ed desires to pay the remainder of the loan in a single payment. Compute the total amount he must pay.

Reference no: EM131721203

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