Question: Clay Harden borrowed $ 2 5 comma 0 0 0 2 5 , 0 0 0 from a bank at an interest rate of 9

Clay Harden borrowed
$25 comma 00025,000
from a bank at an interest rate of
99%
compounded monthly. The loan will be repaid in
3636
equal monthly installments over
threethree
years. Immediately after his
2020th
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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