Determine the remaining balance

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Reference no: EM131952971

"Ms. Jones wants to buy a new car for $35,000. She will make a down payment of $17,500. She would like to borrow the remainder from a bank at an interest rate of 10.4% compounded monthly. She agrees to pay off the loan monthly for a period of 3.25 years. Assume that Ms. Jones has made 11 payments and wants to figure out the balance remaining immediately after the 11th payment. Determine the remaining balance."

Reference no: EM131952971

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