Question 4: Tony borrowed $150,000 from a bank to be repaid with level annual payments for 20 years, with the first payment due at the end of the first year. The loan interest rate was an annual effective rate of 10%. At the end of 10 years, Tony is able to borrow money at a much lower annual effective rate of 5%. Tony then called his bank to repay the outstanding balance of his loan; the bank agreed but Tony must pay a penalty fee of $4,000 for early prepayment. To cover the loan balance plus the penalty fee, Tony took out a new loan to be repaid with level annual payments for 10 years. Calculate Tony's revised annual payment. A) $14,000 B) $14,300 C) $14,500 D) $14,700 E) $15,000