please use formulas and not a table

7. (3pts) A loan of $10,000 is being repaid with 10 payments at the end of each year, where each payment includes equal amount of repayment of the principal and the interest at a rate of 5% based on the outstanding balance after the previous payment. Immediately after the loan was made, the right of the loan was sold at a price that yields an annual effective rate of 10%. Find the price paid for the right of the loan. (Answer: $8072.28)