Jack has borrowed $$1,000,000$ from MQ Bank for $10$ years at an interest rate of j$2=4\mathrm{.}93\%.$ He will make $10$ annual repayments. According to the loan agreement, Jack's repayments will be $$82,000$ 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$.$

$129576\mathrm{.}0769$

b$.$

$135964\mathrm{.}1775$

c$.$

$136385\mathrm{.}1024$

d$.$

$129902\mathrm{.}0023$