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Find what is the balance outstanding after one year

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Reference no: EM132769317

Problem 1: A construction company borrowed $18,000 from the local bank at 5.75% compounded annually. The loan will be paid off with $5000 payments at the end of every six months. What is the balance outstanding after one year?

Select one:

a. $13,510.27
b. $8906.13
c. $10,921.24
d. $8893.26

Reference no: EM132769317

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