Question: 8) A $6,000 loan is being repaid with regular payments of X at the end of each year for as long as necessary plus a

8) A $6,000 loan is being repaid with regular payments of X at the end of each year for as long as necessary plus a smaller payment on year after the final regular payment. Immediately after the ninth payment, the outstanding principal is three times the size of the regular payment (that is, 3X). If the annual interest rate I is 10%, what is the value of X? (A) <850 (B) 850-874 (C) 875-899 (D) 900-924 (E) 925

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