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Knead to Know Pizza recently took out a $ 3 6 0 , 0 0 0 loan at an interest rate of 7 % that

Knead to Know Pizza recently took out a $

360, 000

loan at an interest rate of

7 %

that will require equal and annual payments. The loan will last for

12

years. At the fourth payment, what is the outstanding balance on the loan?

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