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A loan of $14200 is to be repaid in annual installments of $2300, (the first due in one year,) followed by a final smaller payment.

A loan of $14200 is to be repaid in annual installments of $2300, (the first due in one year,) followed by a final smaller payment. If the effective rate of interest is 8.8 %, use the 'retrospective method' to calculate the outstanding balance owed immediately after the 5th payment?

Answer: $

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