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You owe $200,000 on a mortgage loan. You wish to repay the loan with 10...

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Accounting

You owe $200,000 on a mortgage loan. You wish to repay the loan with 10 equal payments, one at the end of each year for the next 10 years, and a separate final $80,000 balloon payment at the end of 11 years. What is the appropriate amount of each of the 10 equal annual payments? The interest rate is 8% compounded annually.

If possible, please explain how to find answer using Texas Instrument BA II Plus calculator.

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