On May 14, 2023 a business takes a 30-year loan of $300,000 at an annual interest rate of 11%. The first payment is scheduled for Jone 14, 2023; the final payment is scheduled for May 14, 2053. How much will the business owe immediately after making the payment on July 14, 2023? This is the second loan payment. Round, if necessary to the penny. Please use the table below.

Monthly payment per $1,000 initially borrowed Interest rate 15-year loan 30-year loan $7.40 $4.77 4.0% $5.07 4.5% $7.65 5.0% $7.91 $5.37 $8.17 $5.68 5.5% $6.00 6.0% $8.44 $8.71 $6.32 6.5% $6.65 7.0% $8.99 7.5% $9.27 $6.99 8.0% $9.56 $7.34 $9.85 $7.69 8.5% 9.0% $10.14 $8.05 $10.44 $8.41 9.5% $8.77 10.0% $10.75 10.5% $11.05 $9.15 11.0% $11.36 $9.52 11.5% $11.68 $9.90 12.0% $12.01 $10.29