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Set up an amortization schedule for a $5,000 loan to be repaid in equal installments at the end of each of the next 3 years.

Set up an amortization schedule for a $5,000 loan to be repaid in equal installments at the end of each of the next 3 years. The interest rate is 15%. What is the remaining balance after the second payment?

$1,904.19

$1,655.90

$3,560.09

$2,189.82 (incorrect answer)

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