Madi took out a $140,000 mortgage loan with level annual payments at the end of each year for 20 years on which the effe

[answerhappygod]

Madi took out a $140,000 mortgage loan with level annual
payments at the end of each year for 20 years on which the
effective rate of interest is equal to 8%. At the end of 8 years
after he paid the 8 th annual payment, he wanted to make a payment
of $20,000 to reduce the remaining loan balance. The lender agreed
to allow Madi to do so and pay off the remaining balance in another
12 level annual payments at the same rate. Find the revised annual
payment which would result for the remainder of the loan.