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A loan of $ 1 0 , 0 0 0 is being repaid with 2 0 non - level annual payments. The interest rate on

A loan of $10,000 is being repaid with 20 non-level annual payments. The interest rate on the loan is an annual effective rate of 6%. The loan was originated 3 years ago. Payments of $500 at the end of the first year, $750 at the end of the second year, and $1,000 at the end of the third year have been paid. Calculate the outstanding balance immediately after the third payment.

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