Clay harden borrowed 34000 from a bank at an interest rate, Ask an Expert

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Clay Harden borrowed $34,000 from a bank at an interest rate of 5% 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.

The total amount Clay must pay immediately after his 20th payment will be $_____. (Round to the nearest dollar.)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91418134

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