Using the mortgage interest principle, the amount of equal payment to be made ls $8000
Mortgage payment = $100000
Interest rate = 3%
The total amount to repayed can be calculated thus :
- Mortgage payment × interest rate × time
Number of annual payments = 20
Total repayment = 100000(1 + (0.03 × 20))
Total repayment = 100000 + 60000 = $160,000
Amount of each payment = $160000 / 20 = $8000
Therefore, the amount to be repayed annually is $8000
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