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An accountant just received a payment from a client on January 26 in the amount...

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Finance

An accountant just received a payment from a client on January 26 in the amount of $14,500. The cheque stub states the payment is to be applied toward the client's three outstanding loans. The three loans were for $4,500 on May 12, $6,750 on July 11, and $8,000 on August 23. All loans are being charged simple interest of 6.85%. What is the remaining balance on the client's account?

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