Question: Consider a 3-month variable-rate loan whose monthly interest rate changes every month: During the first month, the interest rate is 1% During the second month,

Consider a 3-month variable-rate loan whose monthly interest rate changes every month:

During the first month, the interest rate is 1%

During the second month, interest accrues at 2%

During the third month, interest accrues at 3%

The initial loan amount is 100. What constant monthly payment, made at the end of each onth, is needed to payoff the loan entirely at the end of the third month?

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