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HW9: Problem 9 Prevlous Problem List Next (1 point) A husband and wife buy a...

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HW9: Problem 9 Prevlous Problem List Next (1 point) A husband and wife buy a new home and take out a $110000 mortgage loan with level annual payments at the end of each year for 15 years on which the effective rate of interest is equal to 4.25%. At the end of 5 years they decide to make a major addition to the house and want to borrow an additional S60000 to finance the new construction. They also wish to lengthen the overall length of the loan by 7 years (i.e. until 22 years after the date of the original loan). In the negotiations the lender agrees to these modifications, but only if the effective interest rate for the remainder of the loan after the first 5 years is raised to 5.25%. Find the revised annual payment which would result for the remainder of the loan. ANSWER$

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