A loan is being amortized over n-years with monthly payments of $295.32.The rate of interest on the loan is j12 = 12%.The principal repaid in the 25th payment is $206.41.The outstanding balance after 25 payments (months) is $8684.79.What is the outstanding balance immediately after the 26th payment?
A) $8389.47
B) $8476.32
C) $8478.38
D) $8597.94
Correct Answer:
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