Question $2$

Gerard took out a loan of $$30,000$ from a bank. He agreed to repay it over a $4-$year period

through equal installments made at the end of each month. If an interest rate of $7\%$ per year

is charged on the unpaid balance and interest calculations are made at the end of each month.

Find the ending balance for the fourth payment?

$$7,807,36$

$$2,807,36$

$$27,807,36$

$$17,807,36$