PROBLEM 7

5. You borrow $500,000 at 10% annual compound interest. You repay the loan with 10 annual payments, with each payment being $15,000 greater than the previous payment. The first payment occurs 5 years after receiving the $500,000. How much of each payment will be interest? (10 pts) 6. Solve Problem 5 when each payment is 10% greater than the previous payment.

7. Solve Problem 5 when 5 payments are made with payments made every other year, each payment is $25,000 smaller than the previous payment, and the first payment occurs 5 years after receiving the $500,000.

8.6.1