Final answer:
The calculation of the outstanding balance on a 3-year installment loan after the second payment requires the monthly payment amount and an amortization schedule, which is not provided in the question or examples.
Step-by-step explanation:
The student's question pertains to the calculation of the outstanding balance on a 3-year installment loan after the second payment has been made. To resolve this question, one would typically use the loan amortization formula, which calculates payment schedules and balances based on the principal amount, interest rate, and term of the loan.
However, without the specific amortization formula or additional information such as the monthly payment amount, it is not possible to accurately calculate the outstanding balance after the second payment. Typically, these calculations involve understanding amortization schedules, where payment goes toward both interest and principal reduction, with the balance decreasing with each payment in an installment loan scenario.
It should be noted that the examples provided do not directly answer the student's question but rather serve as illustrations of different loan scenarios. Those examples are meant to emphasize the importance of understanding loan terms and the impact of interest over time.