Question: Need help to reach the solution! 6. A loan Of $20 000 is to be repaid in 13 equal annual payments, each payable at year=end.

Need help to reach the solution!

6. A loan Of $20 000 is to be repaid in 13 equal annual payments, each payable at year=end. Interest is at j1=80/o. Because the borrower is having financial difficulties, the lender agrees that the borrower may skip the 5th and 6th payments. Immediately after the 6th payment would have been paid, the loan is renegotiated to yield for the remaining 7 years. Determine the new level annual payment for each Of the remaining 7 years. Solution 53787.21

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