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4) Coffman Group, Inc. needed some long-term financing and arranged for a 10-year, $100,000 7% mortgage loan on January 1, 2010. Annual payments of $14,238

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4) Coffman Group, Inc. needed some long-term financing and arranged for a 10-year, $100,000 7% mortgage loan on January 1, 2010. Annual payments of $14,238 will be made on December 31 each year. After the third payment, what is the remaining balance on the mortgage? Show all calculations (6 points)

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