Delta Corporation obtained a $45,000 loan at a rate of prime + 1.15% on July 18. Fixed payments of $3500 are due on the 25th of each month, beginning August 25. The prime rate was 3.85% on July 18 and rose to 4% on September 6. What is the outstanding loan balance immediately after the September 25th payment?

(Use 365 days a year. Do not round intermediate calculations. Round your

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Outstanding loan balance after September 25th payment 3509450 Explanation The prime rate was 385 on ... View the full answer