Jack has borrowed $$1,000,000$ from MQ Bank for $10$ years at an interest rate of $j_2=4\mathrm{.}03\%.$ He will make $10$ annual repayments. According to the loan agreement, Jack's repayments will

be $$88,000$ 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.

$($a$)$ Assume that all annual repayments will be paid at the end of each year $($the first payment will be at the end of the first year$),$ what is the value of Jacks' annual payment amount $x$

$($rounded to four decimal places$)?$

a$.124262\mathrm{.}1128$

b$.134238\mathrm{.}8966$

c$.124039\mathrm{.}8341$

d$.134584\mathrm{.}4454$

Jack has borrowed $$1,000,000$ from MQ Bank for $10$ years at an interest rate of $j_2=4\mathrm{.}03\%.$ He will make $10$ annual repayments. According to the loan agreement, Jack's repayments will

be $$88,000$ 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$)?$

a$.123256\mathrm{.}7133$

b$.128274\mathrm{.}0039$

c$.128004\mathrm{.}2864$

d$.123045\mathrm{.}5507$