can you please show the step by step solution. please do not skip steps. Please try to refrain from using Excel

Problem #$7$: A financier has made a loan of $$15$ million. The contract for the loan calls for payment of interest quarterly at a

nominal annual rate of $8\mathrm{.}7\%,$ until the full principal is repaid in one lump sum at the end of $15$ years. After $3$

years have gone by$,$ immediately after the quarterly payment, the financier decides to sell the asset to an investor.

If the investor values these cash flows with a nominal annual rate of $7\mathrm{.}7\%$ when compounded quarterly, what

value would the investor consider the remaining loan contract to be worth?