Question: Please need written answer on paper for understanding Consider a 3 year loan with monthly payments with a nominal annual interest rate of 12% compounded

Please need written answer on paper for understanding Consider a 3

Please need written answer on paper for understanding

Consider a 3 year loan with monthly payments with a nominal annual interest rate of 12% compounded monthly. The first payment, which is one month from the issuance of the loan, is 100, and every payment thereafter is 5% higher than the previous one. Calculate the initial loan amount, and also the outstanding balance right after the 12th payment is made

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