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Wade Ellis buys a car for $16,113.82. He puts 10% down and obtains a simple interest amortized loan for the balance at 13 and 1/2%

Wade Ellis buys a car for $16,113.82. He puts 10% down and obtains a simple interest amortized loan for the balance at 13 and 1/2% interest for four years. After three years and two months of making the minimum monthly payment, he sells his car. Find the unpaid balance on his loan.

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