Ms. Jones wants to buy a new car for $15,000. She will make a down payment of $7,500. She would like to borrow the remainder from a bank at an interest rate of 11.1% compounded monthly. She agrees to pay off the loan monthly for a period of 3 years. Assume that Ms. Jones has made 11 payments and wants to figure out the balance remaining immediately after the 11th payment. Determine the remaining balance.