QUESTION 3 Gloria borrows 20,000 to be repaid over 30 years. You are given: 1. Her first payment is X at the end of year 1. 2. Her payments increase at the rate of 100 per year for the next 14 years and remain level for the following 15 years 3. The effective of interest is 8% per annum. Calculate X. A) 604 B) 751 C) 835 D) 973 E) 1015