answer: $79,068.68

please no excel or actuarial calculator

(5) Mr. Beltram takes out a $100,000 loan for twelve years. The applicable annual effective interest rate is a promotional rate of 2% for the first two years and 6% for the remainder of the loan term. Mr. Beltram's payments increase by 10% each year. Find the balance on the loan immediately following his fifth payment. (5) Mr. Beltram takes out a $100,000 loan for twelve years. The applicable annual effective interest rate is a promotional rate of 2% for the first two years and 6% for the remainder of the loan term. Mr. Beltram's payments increase by 10% each year. Find the balance on the loan immediately following his fifth payment