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| rev | Admin | (Created page with "'''Solution: C''' The monthly payment is <math> 200,000/a_{\overline{360}|0.05} = 1199.10</math>. Using the equivalent annual effective rate of 6.17%, the present value (at time 0) of the five extra payments is 41,929.54 which reduces the original loan amount to 200,000 – 41,929.54 = 158,070.46. The number of months required is the solution to <math display = "block">158, 070.46 = 1199.10 a_{\overline{n}|0.05}</math> Using calculator, n = 215.78 months are needed to...") | Nov 18'23 at 23:37 | +639 |