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Mr. Lewis borrows $10,000 on January 1, 1996. He begins to repay the loan as follows: January 1, 1997 $1000 January 1, 1998 $1000 January

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Mr. Lewis borrows $10,000 on January 1, 1996. He begins to repay the loan as follows: January 1, 1997 $1000 January 1, 1998 $1000 January 1, 1999 $1000 On July 1, 1999, he makes an additional payment of $5,000. Mr. Lewis makes no further payments. You may assumed (4) = .08 Determine how much Mr. Lewis owes on this loan as of January 1, 2005

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