What is the unpaid principal

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A $25,000 bank loan is to be repaid in equal yearly payment over 15 years at an effective annual interest rate of 7%. You did the calculation and found that your annual payment is $2745. What is the unpaid principal after you made your 8th payment?

$16,390

$14,793

$13,084

$11,254

Reference no: EM13898841

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