Jack has borrowed $$1,000,000$ from MQ Bank for $10$ years at an interest rate of j$2=3\mathrm{.}41\%.$ He will make $10$ annual repayments. According to the loan agreement, Jack's repayments will be $$91,000$ 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$)?$

Question $7$ Answer

a$.$

$128395\mathrm{.}6361$

b$.$

$119999\mathrm{.}9449$

c$.$

$119843\mathrm{.}6917$

d$.$

$128156\mathrm{.}3870$