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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 1,2006, Mr. Jones took out a loan amounting to $10,000. He then made annual repayments of $1,000 on the first day of 2007,2008, and 2009. Additionally, on July 1,2009, he made an extra payment of $5,000 and ceased any further repayments. Assuming the quarterly discount rate is 8%, calculate the remaining balance of Mr. Jones's loan as of January1,2015.

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