Question: here's the question 4. A loan is amortized over five years with monthly payments at a nominal interest rate of 8% compounded monthly. The first

here's the question

4. A loan is amortized over five years with monthly payments at a nominal interest rate of 8% compounded monthly. The first payment of 1000 is paid one month after the loan is issued. Each succeeding monthly payment will be 3% lower than the prior payment. Calculate the outstanding loan balance immediately after the 24th payment is made

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