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A $40000 mortgage is being repaid with 20 annual installments at the end of each year, and with the effective annual interest rate i=0.04. The
A $40000 mortgage is being repaid with 20 annual installments at the end of each year, and with the effective annual interest rate i=0.04. The borrower makes 7 payments and then is temporarily unable to make payments for the next 22 years. Find the revised payment to start at the end of the 10th year if the loan is still to be repaid at the end of the original 20 years.
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