Question: the answer is 84.67. Please show me how to get that answer (through solving/formulas, not excel) 7. A loan of $10,000 will be paid back

the answer is 84.67. Please show me how to get that answer (through solving/formulas, not excel)

7. A loan of $10,000 will be paid back in N months. Payments of $250 will be made at the end of each month for the first N - 1 months. At the end of the Nth month, a smaller payment of P will be made. Assuming an interest rate of 12% per annum convertible monthly, what is the amount of the last payment P? 1. P

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