Payments of $1,800 and $2,400 were made on a $10,000 variable-rate loan 18 and 30 months after the date of the loan. The interest rate was 11.5% compounded semi-annually for the first 2 years and 10.74% compounded monthly thereafter. What amount was owed on the loan after 3 years?

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The Answer of Payments of $1,800 and $2,400 were made on a $10,000 variable-rate loan 18 and 30 months after the date of the loan. The interest rate was 11.5% compounded semi-annually for the first 2 years and 10.74% compounded monthly thereafter. What amount was owed on the loan after 3 years?

Payments of $1,800 and $2,400 Were Made on a $10,000