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| rev | Admin | (Created page with "'''Solution: B''' Just prior to the extra payment at time 5, the outstanding balance is <math display = "block"> 1300 a_{\overline{20}|0.07}=1300(10.5940) =13, 772.20. </math> After the extra payment it is 11,172.20. Paying this off in 15 years requires annual payments of <math display = "block"> 11,172.20/a_{\overline{15}|0.07}=11,172.20 / 9.1079 = 1226.65. </math> {{soacopyright | 2023 }}") | Nov 18'23 at 23:59 | +399 |