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You plan to borrow $48,400 at a 7.5% annual interest rate. The terms require you to amortize the loan with 10 equal end-of-year payments. What

You plan to borrow $48,400 at a 7.5% annual interest rate. The terms require you to amortize the loan with 10 equal end-of-year payments. What is the ending balance at the end of Year 3?

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