Question: WITHOUT USING EXCEL (SHOW YOUR WORK) You take out a loan which will be repaid with 10 annual payments at an annual effective interest rate

WITHOUT USING EXCEL (SHOW YOUR WORK)

You take out a loan which will be repaid with 10 annual payments at an annual effective interest rate of 6%. The first payment will be at time 1. The first four payments are 850 each and the last six are 1250 each. What is the outstanding loan balance immediately after the 6th payment?

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