4. Randy takes out a loan for $20,000. The loan is to be repaid in 20 equal year-end installments at times 1,2,,20. The annual effective interest rate used in computing the loan payments was 5.5%. Randy failed to make the fourteenth and fifteenth payments; thus, the loan was renegotiated immediately after the fifteenth payment should have been made at an annual effective interest rate of 8%. Randy resumes making payments at time 16 , but the payment amount has changed. (a) (5 points) Compute the annual payment amount that was originally negotiated. (b) (5 points) Compute the outstanding loan balance at the time that the fifteenth payment should have been made. Hint: The outstanding loan balance is the accumulated value (AV) at time 15 of the $20,000 debt minus the AV at time 15 of all the payments that have been made. 2 (c) (5 points) Find the new level annual payment amount for the remaining payments at times 16 through 20