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Find the outstanding loan balance

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Reference no: EM132673411

Jason takes out a loan L of 3000 dollars to buy a car at an effective annual rate of interest of 6%. He repays the loan by making level annual payments at the end of each year for 10 years, using the amortization method.

Find the outstanding loan balance at the end of the 1st year just after the 1st payment is paid.

Reference no: EM132673411

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