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Consider a fixed-rate, constant payment 4-year mortgage with annual payments. The interest rate is 7.2% per annum and the principal (or loan) amount is $5,503.

Consider a fixed-rate, constant payment 4-year mortgage with annual payments. The interest rate is 7.2% per annum and the principal (or loan) amount is $5,503. What is the remaining loan balance at the end of year 2?

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