Johnny took a loan of 20,000 from a Bank A, with 40 level payments of principal atthe end of each month. He also pays interest on the unpaid balance each month ata nominal rate of 10%, compounded monthly. Immediately after the 14th payment ismade, Bank sells the rights to futme payments to another Bank B. Bank B wishesto yield a nominal rate of 12%, compounded semi-mmually, on its investment. Whatprice does Bank A receive?
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