It is a custom that Banks reduce the interest on the loan if interest rates declined in the country before .the loan was fully repaid Taking this opportunity Fareed decided to borrow $13000 from the...

Extracted text: It is a custom that Banks reduce the interest on the loan if interest rates declined in the country before .the loan was fully repaid Taking this opportunity Fareed decided to borrow $13000 from the bank, which he will repay in six equal end-of-year payments at 8%. Later, At the end of 3 years, at the time of the third payment, the bank reduced the interest rate from 8% to 7% on the .remaining debt As a result, the amount of the equal annual end-of- year payments for each of the first 3 years and the amount of the equal annual end-of-year payments :for each of the last 3 years are and $2961.55 $2911.90 A O and $2961.55 $2811.90 .B O .C O and $2761.55 $2911.90 .D O and $2761.55 $2811.90