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 A loan is amortized over 8 years with monthly payments at a nominal interest rate of 9% compounded monthly

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 A loan is amortized over 8 years with monthly payments at a nominal interest rate of 9% compounded monthly. The first payment is $1200 and is to be paid one month from the date of the loan. Each succeeding monthly payment will be 2% lower than the prior payment. Calculate the outstanding loan balance immediately after the 79th payment is made. ANSWER = $