7 A $100,000 loan is repaid by annual payments at the end of each year for 15 years. Each payment is $200 higher than the previous one. (Note that the repayment of the loan is an increasing annuity!) The annual affective rate of interest is 4%. Find each of the following: (Hint: You may want to first draw a time line!) a) The first payment b) The last payment c) The principal outstanding at the end of the 10th year d) The interest and principal repaid in the 5th payment. 7 A $100,000 loan is repaid by annual payments at the end of each year for 15 years. Each payment is $200 higher than the previous one. (Note that the repayment of the loan is an increasing annuity!) The annual affective rate of interest is 4%. Find each of the following: (Hint: You may want to first draw a time line!) a) The first payment b) The last payment c) The principal outstanding at the end of the 10th year d) The interest and principal repaid in the 5th payment