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Part $1$

Clay Harden borrowed

$$$$27$ comma $00027,000$

from a bank at an interest rate of

$55\%$

compounded monthly. The loan will be repaid in

$4848$

equal monthly installments over

fourfour

years. Immediately after his

$2424$th

$$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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Part $1$

The total amount Clay must pay immediately after his

$2424$th

payment will be

$$$enter your response here.

$($Round to the nearest$$ dollar.$)$