Find the loan balance immediately after the first payment

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Reference no: EM131970762

Answer the following question

A loan at 4% effective interest per year is repaid 12 annual installments.

The first 4 installments are $200 each, the next 4 are $300 each, and the last 4 are $400 each. Find the loan balance immediately after the first $300 payment.

Reference no: EM131970762

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