A lending institution makes the following series of loans: Loan Amount Date of Loan Annual Repayment Each Year $1,000 May 1, 2007 $130 $2,000 May 1, 2008 260 $3,000 May 1, 2009 390 .. $9,000 $10,000 $10,000 May 1, 2015 May 1, 2016 May 1, 20xx 1,170 1,300 1,300 Each loan is to be repaid by the level payments shown above at the end of each year for ten years at the effective annual interest rate of 5%. In which of the following ranges is the amount of principal outstanding on May 1, 2016, immediately after the loan on that date was granted and repayments due on that date were made? Possible Answers A