15. On January 1, 2023, your neighbor borrowed $10,000 from the bank at an annual interest rate of 20%. He made his first annual payment of $1,000 on December 31, 2023. On January 2, 202, he received a statement showing that after his payment was applied, his remaining balance for the loan is $11,000. Your neighbor believes that the bank's statement is incorrect, he expected his balance to be $9,000 after his first payment. Complete the following sentence: The bank / neighbor is incorrect, and the loan balance should be $11,000 / $9,000 . Why