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Loan amortization: ending balance 8 . Suppose you borrowed $ 1 5 , 0 0 0 at a rate of 6 % and must repay

Loan amortization: ending balance
8. Suppose you borrowed $15,000 at a rate of 6% and must repay it in 4 equal installments at the end of each of the next 4 years. How much would you still owe at the end of the second year, after you have made the second payment?
a. $ 3,634.60
b. $ 4,083.84
c. $ 4,328.87
d. $ 7,936.52
e. $11,571.13

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