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 month, is needed to payoff the loan entirely at the end of the third month?

Please round your numerical answer, in dollars, to two decimal places.

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