Garfield is repaying debt with 20 annual payments of 1000 each. At the end of the fourth year, he makes an extra payment of 2000. He then shortens his remaining payment period by two years and makes level payments over that time. If i= .12, find the revised annual payment.

Answer rating: 100% (QA)

Total 20 payments Remaining 16 payments iinterest rate12 ... View the full answer