Question: 1.Douglas borrowed $3000 from Ben five years ago. The interest on the loan was to be 5% compounded semiannually for the first three years, and

1.Douglas borrowed $3000 from Ben five years ago. The interest on the loan was to be 5% compounded semiannually for the first three years, and 8% compounded monthly thereafter. If he made a $1000 payment 2 years ago, what is the amount now owed on the loan?

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