Question: Clara borrows $700 at 8% effective that she repays using the amortization method. She makes payments of $186, $366, and $269.57 at the end of

Clara borrows $700 at 8% effective that she repays using the amortization method. She makes payments of $186, $366, and $269.57 at the end of years 1, 2, and 3, respectively.

Determine her outstanding loan balance after the 1st payment.

A 514

B 570

C 575

D 580

E 644

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