Question Nick makes level annual year-end payments on a 30-year, $190,000 mortgage loan. At the time of his 10th payment he adds $15,000 to his regular loan payment and renegotiates the loan to reduce the remaining term from twenty years to fifteen years. The effective annual rate of interest is 3%, both before and after Nick renegotiates the loan. Determine the amount of each level annual payment required during the last 15 years of the renegotiated tonn. Possible Answers