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Find the amount of the loan

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Mrs. Salmon agrees to repay a loan by paying $500 at the end of each month for 5 years. The first payment is due at the end of the 6th month from today and the remaining payments will continue for another 59 months. If the interest rate is 4% compounded monthly for the entire period, find the amount of the loan. Please round your answer to the nearest dollar.

Reference no: EM132131479

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