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A $560,000 loan is to be paid with equal annual payment over a 15 year period. The interest rate on the loan is 2.5%. What

A $560,000 loan is to be paid with equal annual payment over a 15 year period. The interest rate on the loan is 2.5%. What is the remaining balance on the loan after 1 year?

a. $514,770.78

b.$546,000.00

c.$522,666.67

d.$528,770.78

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