Jesse borrowed $10,000 from Tony at an interest rate of 12% per
year, compounded monthly. Jesse convinced
Tony to allow him to make monthly payments. The first payment
was agreed upon to be $100 and it would be paid
exactly one month after receiving the $1
0,000. Jesse promised Tony that fu
ture monthly payments would increase
by 1% more than the previous payment. Given Jesse’s
monthly payment schedule, the number of months necessary
to completely pay off the loan...