Question 2 A 12-year loan of Lis repaid with a payment at the end of each year. During the first six years, the payment is 50. During the final six years, the payment is 250. Interest is charged on the loan at an annual effective rate of such that 1/(1+1)8 >0.4. After the first payment of 100 is made the outstanding principal is L + 11. Calculate the outstanding balance on the loan immediately after the sixth annual payment of 50 has been made. 1,240 o 1,252 O 1,264 1,423 O 1,438 Question 2 A 12-year loan of Lis repaid with a payment at the end of each year. During the first six years, the payment is 50. During the final six years, the payment is 250. Interest is charged on the loan at an annual effective rate of such that 1/(1+1)8 >0.4. After the first payment of 100 is made the outstanding principal is L + 11. Calculate the outstanding balance on the loan immediately after the sixth annual payment of 50 has been made. 1,240 o 1,252 O 1,264 1,423 O 1,438