Determine the amount of the original loan

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Jones Co. borrowed money that is to be repaid in 12 years. So that the loan will be paid back at end of the 12th year, the company invests $8,000 at end of each year at 5% compounded annually. Using the tables in the Business Math Handbook that accompanies the course textbook, determine the amount of the original loan.

Reference no: EM131197577

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