Question: Consider a 3 - year variable - rate loan whose annual interest rate changes are every year: During the first year, the annual interest rate

Consider a 3-year variable-rate loan whose annual interest rate changes are every year:
During the first year, the annual interest rate is 5%
During the second year, the annual interest rate is 10%
During the third year, the annual interest rate is 15%
The initial loan amount is $1,000,000. What constant annual payment, made at the end of each
year, is needed to pay off the loan entirely at the end of the third year? Please assume
compounding interest, not continuous compounding.
Consider a 3-year variable-rate loan whose annual interest rate changes are

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