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Problem 3: A loan is created with 10 annual equal payments of $500 at an effective annual rate of 6%. However, after 4 years, the

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Problem 3: A loan is created with 10 annual equal payments of $500 at an effective annual rate of 6%. However, after 4 years, the borrower needs an additional $2000 and must restructure all outstanding debts over the remaining 6 years at 7% effective. What is the approximate payment amount during those 6 years? Important Information: 1- (1.06)-6 064.917324 4.76654

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