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(I) On May 12, Jemeel takes out a personal loan at an annual effective interes. rate of 6%. The loan is to be repaid by

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(I) On May 12, Jemeel takes out a personal loan at an annual effective interes. rate of 6%. The loan is to be repaid by payments on each of the next ten ay 12s, the first six being for $822 and the final four being for S1,516. (a) Find the loan balance immediately after the sixth payment. (b) Find the outstanding loan balance immediately after the third payment

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