John borrows $50,000 at an annual effective rate of 6% and will make payments 3. at the end of each year. The first 15 paymnets are level payments of $4,000. Starting with the 16th payment, the...

Extracted text: John borrows $50,000 at an annual effective rate of 6% and will make payments 3. at the end of each year. The first 15 paymnets are level payments of $4,000. Starting with the 16th payment, the payments will decrease by 4% from the previous payment. The final payment will be a drop payment that will completly pay off the loan. Find the ballance on the loan after the 10th payment.