1) Janice takes out a $10,000 loan paid over 20 years at an effective annual interest rate of 8% with level payments at the end of each year starting one year after the loan is made), and with no pre payment penalty (meaning she's free to pay off the loan whenever she wants with no penalty!). At the end of the 7th year after payment is made), Janice wants to take out a 13 year loan with level yearly payments at the end of each year) $100 less than her original yearly loan payments and wants to immediately use the loan to fully pay off her outstanding balance. Find the interest rate corresponding to the new loan Janice hopes to find. Show all of your work