Posted by **Rachel** on Sunday, March 13, 2011 at 7:05pm.

Eric borrowed 515 dollars today and has agreed to pay back in equal monthly installments over 6 years. The bank charges Eric 4.94% per year, compounded monthly. What is the amount that Eric will owe the bank at the end of month 20 (that is, after the 20-th installment has been paid)? (Accuracy is set at the second decimal.)

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