Jack and Jill borrow $$16,000$ at $6\mathrm{.}4\%$ amoritzed over $7$ years to drill a well and renovate their

kitchen and bathrooms. Assuming that the monthly principal and interest payments are

made as agreed, what is the loan balance at the end of $2$ years? $($Round to nearest penny and

enter, for example, as $123456\mathrm{.}78)$

Answer:

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