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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

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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 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) a. $1,485 b. $2,312 C. $1,985 d. $1,885 e. $2,185

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