(Solved): A borrower took out a loan of 11,500 and promised to repay it with a payment at the end of each yea ...

A borrower took out a loan of 11,500 and promised to repay it with a payment at the end of each year for 21 years. The amount of each of the first nine payments equals the amount of interest due. The amount of each of the next seven payments equals \( 153 \% \) of the amount of interest due. The amount of each of the last five payments is \( x \). The lender charges interest at an annual effective rate of \( 12 \% \). calculate \( x \) 1987 2014 2027 2030 2034