Consider a loan for $100,000 to be repaid in equal installments at the end of each of
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Question:
Consider a loan for $100,000 to be repaid in equal installments at the end of each of the next 5 years. The interest rate is 8% compounded annually. What is the remaining balance of the loan after 2 years?
| $64,005 | ||
| $74,954 | ||
| $64,545 | ||
| $25,046 | ||
| $49,909 |
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