3. You're purchasing a family car, and a generous family friend offers you a $15,000 loan and you have to repay it in the next 20 years. However, the repayment plan is unique : - For the first 4 years, you pay 'p' dollars annually. Over the next 6 years, the annual payment increases to '2p' dollars. Then, for 5 years, it becomes '3p' dollars. Finally, in the last 5 years, it reaches '4p' dollars. First create timelines to visualise these changing payments, and then calculate 'p' in terms of the present value of annuities symbol ('an') for each phase of the loan.

3. You're purchasing a family car, and a generous family friend offers you a $15,000 loan and you have to repay it in the next 20 years. However, the repayment plan is unique : - For the first 4 years, you pay ' p ' dollars annually. - Over the next 6 years, the annual payment increases to ' 2p ' dollars. - Then, for 5 years, it becomes ' 3p ' dollars. - Finally, in the last 5 years, it reaches ' 4p ' dollars. First create timelines to visualise these changing payments, and then calculate ' p ' in terms of the present value of annuities symbol (an) for each phase of the loan