Find the outstanding balance at the end of the first year

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A loan of 100,000 has payments at the end of each month for 12 years. For the first 6 years the payments are Z each month, and for the final 6 years the payments are 2Z each month. Interest is at a nominal annual rate of 12% compounded monthly. Find the outstanding balance at the end of the first year.

Reference no: EM13722977

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