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please solve this problem correctly and explain it. A loan of $200,000 will be repaid by annual payments of $24,000 each (at the end of

please solve this problem correctly and explain it. image text in transcribed
A loan of $200,000 will be repaid by annual payments of $24,000 each (at the end of the year), but the last payment is $24,000 or more. Determine the balance of the loan just after the 8th payments. Assume 4% effective interest. Round the answer to the nearest hundred dollars

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