Question: Sanders, Inc. borrows $ 1 , 0 0 0 on 1 1 ? x 1 with a 9 % , three - year installment loan.

Sanders, Inc. borrows $1,000 on 11?x1 with a 9%,
three-year installment loan. If the monthly payment
is $31.80, what will be the outstanding loan balance
after the second payment is made (i.e., on 228?x1)?
Please round your answer to the nearest cent.
Sanders, Inc. borrows $1,000 on 11?x1 with a 9%, three-year installment

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