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Determine the amount of the loan outstanding

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Question - Toyota S murang auto finance company is prepared to offer you a loan of $38,000 to buy a new Toyota Corolla. The repayments are at the end of every year for a period of 7 years. If the interest rate on the loan is 12%, perform loan amortization calculation that will allow you to determine the amount of the loan outstanding after making the second installment.

Reference no: EM133183959

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