Question: Clay Harden borrowed $ 2 5 , 0 0 0 from a bank at an interest rate of 1 0 % compounded monthly. The loan

Clay Harden borrowed $

25, 000

from a bank at an interest rate of

10 %

compounded monthly. The loan will be repaid in

36

equal monthly installment over three years. Immediately after his

25

th 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

25

th payment will be

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