Assume you want to take out a $300,000 loan on a 20-year mortgage with end-of-month payments. The annual rate of interest is 6 percent. Twenty years from now, you need to make an ending balloon payment of $40,000. Because you expect your income to increase, you want to structure the loan so that at the beginning of each year, your monthly payments increase by 2 percent. Determine the amount of each year’s monthly payment.