Question: please explain by steps 3. A 161,781 loan is being repaid with monthly payments for 8 years. The first payment is 800 and is made

please explain by steps please explain by steps 3. A 161,781 loan is being repaid with

3. A 161,781 loan is being repaid with monthly payments for 8 years. The first payment is 800 and is made one month from today. Each subsequent payment increases by X (dollars, not percent). The annual effective rate is 6%. Determine X

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