Question: Please show arithmetic in how you solved it Tim takes out a loan. The loan is repaid with 8 annual payments at the end of

Please show arithmetic in how you solved it

Tim takes out a loan. The loan is repaid with 8 annual payments at the end of each year. The first loan payment is equal to X, and each subsequent payment is 5% greater than the previous. The annual effective rate being charged on the loan is also 5%. The amount of interest repaid during the first year is equal to $2,000. The loan amount is $40,000. Calculate X. Round to the nearest cent

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