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Michelle takes out a $50,000 loan for 15 years which she repays with annual payments...

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Finance

Michelle takes out a $50,000 loan for 15 years which she repays with annual payments at the end of each year. The annual interest rate is 1% for the first 2 years and then increases to 5% for the remainder of the loan. Michelle's payments increase by 7% each year. Find the loan balance immediately following the tenth payment.

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