meharanand333 meharanand333

22-02-2024
Mathematics

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Sandy takes out a loan of $22,000 at j12 = 9%, repaid over 5 years with monthly payments. After 24 payments, the
outstanding balance on the loan is $14,361.35. Just after the 24th payment, Sandy makes a lump sum payment of $3000 and refinances the loan with monthly payments for two more years at the same interest rate. What is the new monthly payment?

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