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What is the appropriate amount of cash

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Question - You owe 200,000 on a mortgage loan. you wish to repay the loan with ten equal payments one at the end of each year for the next then years, and a separate final 80,000 payment at the end of 11 years. What is the appropriate amount of cash of the 10 equal annual payments? The interest rate is 8% compounded annually.

A. 37,413

B. 28,327

C. 24,693

D.16,751

E. 19,222

Please give a detailed explanation on how you got your answer please. Thanks!

Reference no: EM132081036

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