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What is the balance outstanding after one year

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Question - 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?

a. $13,510.27

b. $8906.13

c. $10,921.24

d. $8893.26

Reference no: EM132776155

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