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15.On May 5, Drew took out a loan for $44,000at 5.8% simple interestto upgrade the security system in his company's warehouse. On June 5, Drew

15.On May 5, Drew took out a loan for $44,000at 5.8% simple interestto upgrade the security system in his company's warehouse. On June 5, Drew made a payment of $18,000.

a.Use the Actuarial Method to determinethe new balance of the loan on June5?

b.What is thepayoff amount on July 5?

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