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Eliza takes out a $36,000 loan at tan 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 tan annual effective interest rate of 6%. It is agreed that at the end of each of the first 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 final payment at the end of fifteen years to exactly complete her loan obligation. Calculate the amount of Elizas fifth payment, the amount of her tenth payment, and the amount of her fifteenth payment. (Please write out work, no Excel)
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