Compute the total amount pay for the loan

Reference no: EM131947164

Question: "Bob Pearson 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 three years. Immediately after his 25th payment, Bob desires to pay the remainder of the loan in a single payment. Compute the total amount he must pay."

Reference no: EM131947164

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