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Andrew borrows a certain amount of money at 7% effective. He will repay this loan by...

Andrew borrows a certain amount of money at 7% effective. He will repay this loan by making payments of 2,000 at the end of each year for 15 years, using the amortization method.

Calculate the outstanding loan balance right after the 11th payment.

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Answer #1

Please refer to the calculations in screenshot below:

So, the outstanding loan balance right after the 11th payment is $ 6,774.42

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