A $3,000 demand loan was advanced on September 30. Fixed monthly payments of $1000 were required on the first day of each month beginning November 1. What was the balance of the loan on December 1, before the monthly payment? Assume that the interest rate remained at 6.75% for the life of the loan.

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A:

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A: (a) Obtain the monthly payment as follows.

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Q: Calculate

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Q: $1,250

A: Please refer to the image below