Question: Please use the actuarial method and work the question using the formula in a step by step format. Jane Doe Ent. takes out a business

Please use the actuarial method and work the question using the formula in a step by step format.

Jane Doe Ent. takes out a business loan for $60,000 with a nominal annual interest rate of 12% compounded monthly. The loan is scheduled to be paid off with level monthly payments of $2000, plus a final drop payment. All payments will be made at the end of the month.

Calculate the drop payment.

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