A debt of $10,000 is to be repaid with quarterly installments of $4,000, $3,000, $2,000, $1,000 plus

Fantastic news! We've Found the answer you've been seeking!

Question:

A debt of $10,000 is to be repaid with quarterly installments of $4,000,
$3,000, $2,000, $1,000 plus a final payment which pays off the loan after
5 quarters. Interest rate is 12% compounded quarterly. Find the outstanding
loan balance after the second payment.