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b) A fifteen years RM100,000 loan has an annual effective interest rate of 3% for the first three years and 6% for the remainder of

b) A fifteen years RM100,000 loan has an annual effective interest rate of 3% for the first three years and 6% for the remainder of the loan term. The payment of the loan will increase by 10% each year. Find the balance on the loan immediately after the fifth payment. (15 marks)

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