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Mr. Beltram takes out a $100,000 loan for twelve years. The applicable annual effective interest rate is a promotional rate of 2% for the rst

Mr. Beltram takes out a $100,000 loan for twelve years. The applicable annual effective interest rate is a promotional rate of 2% for the rst two years and 6% for the remainder of the loan term. Mr. Beltrams payments increase by 10% each year. Find the balance on the loan immediately following his fth payment.

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