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Janelle receives a home improvement loan of $14,503.90. The loan has a nominal interest rate convertible...

Janelle receives a home improvement loan of $14,503.90. The loan has a nominal interest rate convertible monthly of 4.9%. The term of the loan is two years and Janelle is expected to make level end-of-month payments, except that she is allowed to miss one payment so long as she then pays higher level payments for the remainder of the two years, so as to have repaid the loan at the end of the two-year period. Suppose Janelle misses the payment at the end of the ninth month. What must her new payment be?

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