Question: please explain by steps Question 11.01 A loan is being repaid with 45 annual payments of 400. Immediately after the 15th payment, the borrower pays

please explain by steps please explain by steps Question 11.01 A loan is being repaid with

Question 11.01 A loan is being repaid with 45 annual payments of 400. Immediately after the 15th payment, the borrower pays an extra 2,000. The balance is then repaid with level payments of X over the next 25 years. The annual effective interest rate is 7%. Calculate X. A 254 B 291 C 327 D 364 E 400

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