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

John borrows $700 at 8% effective that he repays using the amortization method. He makes payments of $186, $366, and $269.57 at the end of years 1, 2, and 3, respectively. Determine his outstanding loan balance after the 1st payment.

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