Clay harden borrowed 38000 from a bank at an interest rate, Financial Management

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Clay harden borrowed 38000 from a bank at an interest rate

Clay Harden borrowed $38000 from a bank at an interest rate of 12% compounded monthly. The loan will be repaid in 48 equal monthly installments over four years. Immediately after this 18th payment, Clay desires to pay the remainder of the loan in a single payment. Compute the total amount he must pay.

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Financial Management: Clay harden borrowed 38000 from a bank at an interest rate

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Financial Management: Clay harden borrowed 38000 from a bank at an interest rate

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