1. Billy contracted a loan at the bank. He pays back his loan in 3 payments : the rst one is$7000made after one year, the second one of$5000made one year and a half after he contracted the loan, and the last one, of$3000, made two years after he contracted the loan. The interest rate isi(2)= 10%. (Do not insert code in your answers)
2. (a)Determine the amount of the loan.
3. (b)If after his rst payment of$7000, Billy renegotiates his loan with the bank such that he only has one payment left of$Xto do, four years after he contracted the loan, with the same interest rate, what should be the value ofX?