QUESTION $7$

Tab just borrowed $$117,000.$ Tab plans to repay this loan by making a special payment of $$23,000$ in $5$ years and by making regular annual payments of $$18,400$ per yea until the loan is paid off. If the interest rate on the loan is $13\mathrm{.}70$ percent per year and the first regular annual payment of $$18,400$ is made immediately, then how many regular annual payments of $$18,400$ must Tab make?

$6\mathrm{.}95($plus or minus $0\mathrm{.}02)$

$13\mathrm{.}26($plus or minus $0\mathrm{.}02)$

$9\mathrm{.}04($plus or minus $0\mathrm{.}02)$

$10\mathrm{.}87($plus or minus $0\mathrm{.}02)$

None of the other alternatives are within $0\mathrm{.}02$ of the correct answer