$($Exercise $5\mathrm{.}7)$ A husband and wife buy a new home and take out a $$130000$

mortgage loan with level annual payments at the end of each year for $15$

years on which the effective rate of interest is equal to $6\mathrm{.}25$

$\%.$ At the end of $5$

years they decide to make a major addition to the house and want to borrow an additional $$50000$

to finance the new construction. They also wish to lengthen the overall length of the loan by $5$

years $($i$.$e$.$ until $20$

years after the date of the original loan$).$ In the negotiations the lender agrees to these modifications, but only if the effective interest rate for the remainder of the loan after the first $5$

years is raised to $7\mathrm{.}25$

$\%.$ Find the revised annual payment which would result for the remainder of the loan.

ANSWER $=$ $