Question: $5000 was borrowed at 9 % on March 1. On April 1 and June 1, the borrower made payments of $2000 each. What payment

$5000 was borrowed at 9 ½ % on March 1. On April 1 and June 1, the borrower made payments of $2000 each. What payment was required on August 1 to pay off the loan’s balance?

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