Question: Hello I need help understanding how to solve this financial math question, thank you for your help. A loan of 40,000 is being repaid by

Hello I need help understanding how to solve this financial math question, thank you for your help. A loan of 40,000 is being repaid by a 30 year increasing annuity immediate. The initial payment is k, and each subsequent payment is k larger than the preceding payment. The annual effective interest rate is 4%. Determine the outstanding loan balance immediately after the ninth payment.

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