Question: Jenna takes out a 3-year loan that she repays using the amortization method. She makes monthly payments at a nominal annual interest rate of 6%

Jenna takes out a 3-year loan that she repays using the amortization method. She makes monthly payments at a nominal annual interest rate of 6% compounded monthly. The first payment is $100 and is to be paid one month from the date of the loan. Each succeeding monthly payment will be 1% larger than the prior payment Calculate Jenna's outstanding loan balance after her 23rd payment Possible Answers 1403.64 B 1553.37 1590.40 D 1675.62 1695.37

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