Jack has borrowed $$1,000,000$ from MQ Bank for $10$ years at an interest rate of j$2=3\mathrm{.}47\%.$ He will make $10$ annual repayments. According to the loan agreement, Jack's repayments will be $$89,000$ for the first two years followed by payments of with the amount of X per year for the remaining eight years. This loan needs to be fully repaid by the end of $10$ years.

$($b$)$ Assume that all annual repayments will be paid at the beginning of each year $($the first payment will be at the start of the first year$),$ what is the value of Jacks' annual payment amount X $($rounded to four decimal places$)?$

Question $8$Answer

a$.$

$120020\mathrm{.}1635$

b$.$

$124220\mathrm{.}9920$

c$.$

$124025\mathrm{.}1330$

d$.$

$119865\mathrm{.}7901$