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Jack repays a loan of $50,000 by level annual payments for 10 years at a nominal interest rate 8%, compounded quarterly. Payment is due at
Jack repays a loan of $50,000 by level annual payments for 10 years at a nominal interest rate 8%, compounded quarterly. Payment is due at the end of each year. At the end of the third year, unfortunately Jack lost his job and he had to take another $10,000 at the end of the third year to cover his living expenses. If he wants to payoff the loan by the end of 10 years, what is the revised payment?
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