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Original amount of the mortgage loan

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A mortgage loan is repaid with annual installment payments payable at the end of each year for 30 years. Each subsequent payment is 2% higher than the previous one. The interest rate charged on the loan balance is:

  • 10% in the years 6k + 1,
  • 9% in the years 6k + 2,
  • 7% in the years 6k + 3,
  • 8% in the years 6k + 4,
  • 7.5% in the years 6k + 5,
  • 8.5% in the years 6k + 6,

Where k = 0, 1, 2, 3, 4. The principal repaid in the 28-th installment is 33,990. Find the original amount of the mortgage loan.

Reference no: EM131097894

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