If you borrowed S 15,000 to be repaid in 20 equal quarterly payments and after your 10th payment you decided to pay the remainder of the loan in a single payment. What will be the amount of the remaining balance with the interest being 12% compounded monthly ?

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Loanable Funds Theory

The loanable funds theory is a neoclassical theory that determines the interest rate where the demand for loanable investments and supply of loanable funds intersect. To determine the interest rate, this theory employs linear regression and a demand curve. At the equilibrium point, demand for borrowings and demand for the issuance of borrowing funds are inextricably linked. This point of equilibrium should equalize demand and the supply of money available for borrowing.