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AJ takes out a small business loan of $15500 at a nominal rate of interest of 8.7% convertible quarterly. One year later, he repays $

AJ takes out a small business loan of $15500 at a nominal rate of interest of 8.7% convertible quarterly. One year later, he repays $ 3500. Two years after that, the bank wants to sell AJ's loan to another institution. How much does AJ owe at that time?

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