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If the interest rate is 4 compounded monthly for the entire

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.

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Finance Basics: If the interest rate is 4 compounded monthly for the entire

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