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On January 1 , 2 0 0 6 , Mr . Jones took out a loan amounting to $ 1 0 , 0 0 0
On January Mr Jones took out a loan amounting to $ He then made annual repayments of $ on the first day of and Additionally, on July he made an extra payment of $ and ceased any further repayments. Assuming the quarterly discount rate is calculate the remaining balance of Mr Jones's loan as of January
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