kindly do all steps with full explanation.

that is complete question i need only no 8 which details are showing above

Use the mathematical models discussed in this section to solve the given problem. In each case, consider that the assumptions under which the models are constructed are satisfied. 8 A loan of $1,000 is taken out over 15 years at a variable anmal rate of interest of (5/(t+1))%. Compute the constant) repayment rate. Use the mathematical models discussed in this section to solve the given problem. In each case, consider that the assumptions under which the models are constructed are satisfied. 8 A loan of $1,000 is taken out over 15 years at a variable anmal rate of interest of (5/(t+1))%. Compute the constant) repayment rate