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Jason takes out a 25-year mortgage loan in the amount of $150,000. This loan is structured to be repaid with monthly payments. The bank charges
Jason takes out a 25-year mortgage loan in the amount of $150,000. This loan is structured to be repaid with monthly payments. The bank charges 9%/annum on the loan. At the 29th payment Jason pays an extra $1,400, and then pays the balance in 8 years with revised annual payments. The overall annual effective interest rate is 11%. Calculate the amount of the revised payment.
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