Question: Use formula to solve this problem (No Excel Please) Question 6 A loan is repaid with equal annual payments of $450 at the end of

Use formula to solve this problem (No Excel Please)

Question 6 A loan is repaid with equal annual payments of $450 at the end of each year for 10 years. AEIR-3% for the first five years and 5% thereafter What is the outstanding loan balance just after the sth payment? A 955.24 B. The answer does not appear here C. 1274.39 D. 1213.31 E 836.73

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