A loan of 18000 dollars is to be repaid in annual installments of 2200 dollars, the first due in one year, followed by a final smaller payment. If the effective rate of interest is 9 percent, what is the outstanding balance owed immediately after the 5th payment?

Previous Problem Problem List Next Problem (1 point) A loan of 18000 dollars is to be repaid in annual installments of 2200 dollars, the first due in one year, followed by a final smaller payment. If the effective rate of interest is 9 percent, what is the outstanding balance owed immediately after the 5th payment? Answer = dollars