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A loan of $28,000 is paid off in 36 payments at the end of each month in the following way: Payments of $700 are made
A loan of $28,000 is paid off in 36 payments at the end of each month in the following way:
Payments of $700 are made at the end of the month for the first 12 months.
Payments of $700 + x are made at the end of the month for the second 12 months.
Payments of $700 + 2x are made at the end of the month for the last 12 months.
What should x be if the nominal monthly rate is 8.4%?
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