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3. A loan of 40,000 is being repaid by a 30-year increasing annuity-immediate. The initial payment is k, and each subsequent payment is k larger

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3. A loan of 40,000 is being repaid by a 30-year increasing annuity-immediate. The initial payment is k, and each subsequent payment is k larger than the preceding payment. Determine the principal outstanding immediately after the ninth payment, using an annual effective interest rate of 4%. Select one: a. 47,750 b. 48,500 c. 47,500 d. 48,250 e. 48,000

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