Question: A 150-day note, signed on May 7 for $15,600, has a rate of 9% compounded annually. A payment of $7,000 was made on July 2.

A 150-day note, signed on May 7 for $15,600, has a rate of 9% compounded annually. A payment of $7,000 was made on July 2. Find the balance owed on the principal after the payment on July 2

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