For a mortgage loan of £100,000 that is to be repaid by a level annuity, payable annually in arrear over a period of 20 years and determined on the basis of an effective interest rate of 8% per annum....

Extracted text: For a mortgage loan of £100,000 that is to be repaid by a level annuity, payable annually in arrear over a period of 20 years and determined on the basis of an effective interest rate of 8% per annum. Given that the annual payment is £10,185.22., the loan outstanding immediately following the fourteenth payment is Select one: O a. 47,085 O b. 50,133 O c. 55,413 O d. 45,723 e. 53,028