Find the loan balance immediately after the sixth payment

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Reference no: EM13895420

On May 12, Jameel takes out a personal loan at an annual effective interest rate of 6%. The loan is to be repaid by payments on each of the next ten May 12s, the first six being for $822 and the final four being for $1516.

A) Find the loan balance immediately after the sixth payment?

B) Find the outstanding loan balance immediately after the third payment?

Reference no: EM13895420

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Find the loan balance immediately after the sixth payment : On May 12, Jameel takes out a personal loan at an annual effective interest rate of 6%. The loan is to be repaid by payments on each of the next ten May 12s, the first six being for $822 and the final four being for $1516. Find the loan balance immed..

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