Problem
An individual is borrowing $150,000 at 8% interest compounded annually. The loan is to be repaid in equal annual payments over 30 years. However, just after the eighth payment is made, the lender allows the borrower to triple the annual payment. The borrower agrees to this increased payment. If the lender is still charging 8% per year, compounded annually, on the unpaid balance of the loan, what is the balance still owed just after the twelfth payment is made?
The response must include a reference list. One-inch margins, double-space, Using Times New Roman 12 pnt font and APA style of writing and citations.