A loan of $20,000$ is to be repaid with payments at the end of each year for ten years. The first payment is $x.$ Each subsocuicht payment is $6\%$ greater than the preceding payment.

The loan payments are based on an annual effective interest rate of $10\%.$

Calculate the loan balance immediately after the eighth payment.

$6,685$

$6,937$

$7,353$

$7,794$

$8,088$