Question: Sam is a 22-year-old who used the loan program to borrow $5,000 four years ago when the interest rate was 4% per year. $8,000 was

Sam is a 22-year-old who used the loan program to borrow $5,000 four years ago when the interest rate was 4% per year. $8,000 was borrowed three years ago at 5%. Two years ago he borrowed $6,000 at 6%, and last year $7,000 was borrowed at 8% per year. Now he would like to consolidate him debt into a single 20-year loan with a 7% fixed annual interest rate. If Sam makes annual payments (starting in one year) to repay him total debt, what is the amount of each payment?

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