Sam borrowed $2,000 at 5.5% compounded quarterly. After one year, he paid $1,000 towards the outstanding balance. How much will Sam owe after two years?

Name: Sam borrowed $2,000 at 5.5% compounded quarterly. After one year, he paid $1,000 towards the outstanding balance. How much will Sam owe after two years?
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The Answer of Sam borrowed $2,000 at 5.5% compounded quarterly. After one year, he paid $1,000 towards the outstanding balance. How much will Sam owe after two years?

Sam Borrowed $2,000 at 5