Brody has just bought a boat by taking an unconventional 18 year, $138,500 mortgage from the bank. The interest rate is 3.68%. The mortgage is to be paid off by payments made every year starting one year from today. How much does Bob have to pay every year to repay the mortgage?
- $10,657.93
- $10,279.64
- $877.79
- $7,694.44