A loan is being repaid by 15 annual installments of 1,000 each. Interest is at an effective annual rate of 5%. Immediately after the fifth installment is paid, the loan is renegotiated. The revised amortization schedule calls for a sixth payment of 800 , a seventh installment of (800+K), with each subsequent installment increasing by K over the previous payment. The period of the loan is not changed. To the nearest dollar, the revised amount of the last installment is equal to: Possible Answers 1,240 1,290 1,360 1,440 1,460