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Mr. Smith has taken a loan of $10,000 at an interest rate of 10% compounded annually, and plans to pay the money back in
Mr. Smith has taken a loan of $10,000 at an interest rate of 10% compounded annually, and plans to pay the money back in 20 equal installments, one each year. What is the unpaid principal balance remaining immediately after the 17th payment? $10,000 (A/P, 0.1, 20) x (P/A, 0.1, 3) x $10,000 (A/P, 0.1, 20) x (P/A, 0.1, 4) x $10,000 (A/P, 0.1, 17) (F/A, 0.1, 3) x $10,000 (A/P, 0.1, 17) (F/A, 0.1, 4)
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