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#6 Madi took out a $140,000 mortgage loan with level annual payments at the end of each year for 20 years on which the e
Posted: Thu Apr 28, 2022 12:35 pm
by answerhappygod
- 6 Madi Took Out A 140 000 Mortgage Loan With Level Annual Payments At The End Of Each Year For 20 Years On Which The E 1 (34.65 KiB) Viewed 18 times
#6 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 gth 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.