show all work and equation, show cash flow diagram, no excel table

02.01-PR010 Video Solution David is borrowing $150,000 from Hartford Bank to open Road and Off-Road Bicycle Shop. David expects it to take a few years before the shop earns a sizeable profit, so he has arranged for no payments on the loan until the end of the fourth year. The first and second payments are due 4 and 5 years, respectively, from today in the amounts of $20,000 each. Starting at the end of year 6 , a series of 4 annual end-of-year payments will be made. The first of these is $X. Each subsequent payment is $8,000 greater than the previous payment. Draw the cash flow diagram from David's perspective