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a $10,000 loan is repaid with level annual payments. the first payment is made one year after taking out the loan. the outstanding balance just

a $10,000 loan is repaid with level annual payments. the first payment is made one year after taking out the loan. the outstanding balance just after the 8th payment is $7,112.10 the outstanding balance just after the 16th payment is $2,845.36.

Calculate the outstanding balance just after the 17th payment. (Hint: Use the Retrospective Method)

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