Your grandfather takes a reverse annuity mortgage on his house for $135,000 at 7.00% for five years.His payments are an equal annual annuity of $21,939.If he decides to repay the loan at the end of year three,what amount is owed?
A) $54,247
B) $59,529
C) $75,469
D) $104,678
E) $107,507
Correct Answer:
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