A loan is $67,000 is being repaid with monthly payments The interest rate for the first 4 years is i(12) 7 2 and the monthly payment is $780 After 4 years, the loan is refinanced at i(12) 5 76 and the monthly payment drops to $730 Then after 3 more years, the loan is refinanced at i(12) 8 40 and the monthly payment rises to $800 After 9 years, the loan is refinanced at i(12) 6 and is to be paid off in 2 years, with payments that start at $R and increase by 2 every month What is the value of R (which is the payment due at the end of the 109th month) (7 marks) 2 A loan is $67,000 is being repaid with monthly payments The interest rate for the first 4 years is (12) 7 2 and the monthly payment is $780 After 4 years, the loan is refinanced at i(12) 5 76 and the monthly payment drops to $730 Then after 3 more years, the loan is refinanced at i(12) 8 40 and the monthly payment rises to $800 After 9 years, the loan is refinanced at i(12) 6 and is to be paid off in 2 years, with payments that start at $R and increase by 2 every month What is the value of R (which is the payment due at the end of the 109th month) (7 marks)

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A loan is $67,000 is being repaid with monthly payments. The interest rate for the first 4 years is i(12) = 7.2% and the monthly

A loan is $67,000 is being repaid with monthly payments. The interest rate for the first 4 years is i(12) = 7.2% and the monthly payment is $780. After 4 years, the loan is refinanced at i(12) = 5.76% and the monthly payment drops to $730. Then after 3 more years, the loan is refinanced at i(12) = 8.40% and the monthly payment rises to $800. After 9 years, the loan is refinanced at i(12) = 6% and is to be paid off in 2 years, with payments that start at $R and increase by 2% every month. What is the value of R (which is the payment due at the end of the 109th month)? (7 marks) image text in transcribed

2. A loan is $67,000 is being repaid with monthly payments. The interest rate for the first 4 years is (12) = 7.2% and the monthly payment is $780. After 4 years, the loan is refinanced at i(12) = 5.76% and the monthly payment drops to $730. Then after 3 more years, the loan is refinanced at i(12) = 8.40% and the monthly payment rises to $800. After 9 years, the loan is refinanced at i(12) = 6% and is to be paid off in 2 years, with payments that start at $R and increase by 2% every month. What is the value of R (which is the payment due at the end of the 109th month)? (7 marks)