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A loan is repaid with equal annual payments of $350 at the end of each year for 10 years. AEIR=5% for the first five years
A loan is repaid with equal annual payments of $350 at the end of each year for 10 years. AEIR=5% for the first five years and 8% thereafter.
What is the outstanding loan balance just after the payment is made at t=4, if the second payment was missed?
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