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Using the monthly payment formula, it is found that the balance of the plan is of $26,731.23.
<h3>What is the monthly payment formula?</h3>It is given by:
In which:
- A is the monthly payment.
- P is the total amount.
- r is the interest rate.
- n is the number of payments.
The parameters for this problem are given as follows:
A = 144, r = 0.06, n = (68 - 24) x 12 = 528.
Then:
r/12 = 0.06/12 = 0.005.
P = $26,731.23.
More can be learned about the monthly payment formula at brainly.com/question/26476748
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