Question: A loan is to be repaid with level monthly payments based on an annual interest rate of 7%. The 8th payment is 1000 of interest

A loan is to be repaid with level monthly payments based on an annual interest rate of 7%. The 8th payment is 1000 of interest and 300 of principal. After the 36th payment, the borrow increases their payment by 1000 every month. Find the following:

1. The original term of the loan (in months).

2. The original balance of the loan.

3. The total number of payments made.

4. The interest saved by making the higher payments.

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