A $10,000 loan is repaid with 60 monthly payments starting one month after the loan. The payments increase by 15% every 12 months but are constant within each year. The nominal interest rate convertible monthly is 12%.
What is the amount of the first monthly payment? Find the interest and principal paid in the 30th payment, and Construct the amortization table for the first 3 months of the second year and the first 3 months of the last year.