Question: 02.06-PR002 Solve problem 02.05-PR003 for the case in which each successive payment is to be 10% less than the previous payment. John borrows $10,000 at

02.06-PR002 Solve problem 02.05-PR003 for the case in which each successive payment is to be 10% less than the previous payment.

John borrows $10,000 at 18% compounded annually. He pays off the loan over a 5-year period with annual payments. Each successive payment is $700 greater than the previous payment. How much was the first payment?

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