Beneficial Loan

Dear Jill,
Please consider the extract below and answer the question that follows
(Reference: Example 2, Technical Article – Benefits, ACCA).

THE EXTRACT
Ming was provided with an interest-free loan of £120,000 on 1 May 2023 so that she could purchase an holiday cottage. Ming repaid £50,000 of the loan on 31 July 2023, and repaid the balance of the loan of £70,000 on 31 December 2023.

THE QUESTION
Using the average method, what is the closing balance outstanding of the loan?

PLEASE NOTE
The answer in the article says the closing outstanding balance is £70,000, but I doubt it because there was no OUTSTANDING amount on 31 December 2023 because Ming repaid the loan in FULL on that date.

Please help clarify this for me, Jill.