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Question: quotms riesen wants to buy a new car for 19000...

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Ms. Riesen wants to buy a new car for $19,000. She will make a down payment of $9,500. She would like to borrow the remainder from a bank at a nominal annual interest rate of 7.7% compounded monthly. She agrees to pay off the loan monthly for a period of 2.75 years. Assume that Ms. Riesen has made 12 payments and wants to figure out the balance remaining immediately after the 12th payment. Determine the remaining balance.

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