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Corey buys 10 Tufflft 4-post, 4.5-ton car hoist for his parking garage at a total cost of $417,000. He finances this with a five-year loan at 8.7% APR with minthly payments. After he has made the first 20 payments, how much is the outstanding principal balance on his loan?

A. $238,025

B. $297,532

C. $416,544

D. $595,063

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