Desires to pay the remainder of the loan in a single payment

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Reference no: EM131020112

Clay Harden borrowed $25,000 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 20th payment, Clay desires to pay the remainder of the loan in a single payment. Compute the total amount he must pay.

Reference no: EM131020112

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