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[10 points] You have a loan outstanding. It requires making ten payments of $10,000 each, with the first payment due today and the remaining nine
[10 points] You have a loan outstanding. It requires making ten payments of $10,000 each, with the first payment due today and the remaining nine payments at the end of the next 9 years. Your bank has offered to restructure the loan so that instead of making the ten payments as originally agreed, you will make only five payment starting in three years (i.e., at t=3,t=4,t=5,t=6, and t=7 ). If the interest rate on the loan is 5%, what is the new annual payment that the bank will require you to make so that it is indifferent between the two payment schedules? (1 point)
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