Question: A man borrows $ 1 0 , 0 0 0 now at a 1 5 % effective interest per payment period. Each loan payment totals

A man borrows $10,000 now at a 15% effective interest per payment period. Each loan payment totals $3000. After the first payment is made, what is the outstanding balance on the loan?
(A) $7000
(B) $8050
(C) $8500
(D) $13.000
 A man borrows $10,000 now at a 15% effective interest per

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