A loan of 25,000 is to be repaid by annual payments at the end of each year for the next 20 years. During the first 5 years the payments are k per year; during the second 5 years the payments are 2k per year; during the third 5 years, 3k per year; and during the fourth 5 years, 4k per year. If / = .12, find k.

AppendixLO1