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Eliza takes out a $36,000 loan at an annual effective interest rate of 6%. It is agreed that at the end of each of the
Eliza takes out a $36,000 loan at an annual effective interest rate of 6%. It is agreed that at the end of each of the rst six years she will pay $1,800 in principal, along with the interest due, and that at the end of each of the next eight years she will make level payments of $2,500. Eliza will make one nal payment at the end of fteen years to exactly complete her loan obligation. Calculate the amount of Elizas fth payment, the amount of her tenth payment, and the amount of her fteenth payment. NO EXCEL!!
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