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Interest is at an effective rate of 5 immediately after the

A loan is being repaid by 15 annual installments of $1000 each. Interest is at an effective rate of 5%. Immediately after the 5^th installment is paid, the loan is renegotiated.

The revised schedule calls for a 6^th installment of $800, a 7^th installment of $(800 + K), with each subsequent installment increasing by K over the previous payment.

The period of the loan is not changed. Determine the amount of the last installment.

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Financial Management: Interest is at an effective rate of 5 immediately after the

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