please hand-write or type out work, not a spreadsheet

3. A 10,000 loan is taken out and the interest rate is 8 percent effective. Payments are made on the loan at the end of the year, and each subsequent payment is 5 percent more than the previous payment. Payment is to be completed in 10 years. 10 points: what is the value of the first payment? 10 points: what is the loan balance at the end of the 5'th payment? 3. A 10,000 loan is taken out and the interest rate is 8 percent effective. Payments are made on the loan at the end of the year, and each subsequent payment is 5 percent more than the previous payment. Payment is to be completed in 10 years. 10 points: what is the value of the first payment? 10 points: what is the loan balance at the end of the 5'th payment