What will be the firm new annual payments

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Reference no: EM131806985

A construction firm owns a concrete batching plant on which there is a $150,000 mortgage. The mortgage's interest rate is 7%, and it is to be paid off in 25 equal annual payments. After the 13th payment, the firm refinances the balance at 6%, to be paid off in 35 equal annual payments. What will be the firm's new annual payments?

Reference no: EM131806985

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