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A loan of 75,000 is being repaid by 14 equal installments made at the end...

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A loan of 75,000 is being repaid by 14 equal installments made at the end of each year at 5% interest effective annually. Immediately after payment number 5, the loan is renegotiated as follows: (i) The borrower will make 9 annual payments of K to repay the loan, with the first payment made 3 years from the date of renegotiation. (ii) The interest rate is changed to 6% effective annually. Calculate K. [6.a #31] 8.096 7.829 8.896 8.363 8.630

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