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EXAMPLE7 ( Text , 5 .4 95 ) Mr Beltram takes out a $100 090 loan for twelve years . The applicable annual effective interest

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EXAMPLE7 ( Text , 5 .4 95 ) Mr Beltram takes out a $100 090 loan for twelve years . The applicable annual effective interest rate is a promotional rate of 20 for the first two years and 6 for the remainder of the loan term . Mr Beltram's payments increase by 1096 each year . Find the balance on the loan immediately following his fifth payment

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