Question: Emily borrows a 2-year loan amount L, which she has to repay in 24 end-of-themonth payments. The first 16 payments are $1,000 each and the

Emily borrows a 2-year loan amount L, which she has to repay in 24 end-of-themonth payments. The first 16 payments are $1,000 each and the final 8 payments are $2,000 each. The nominal annual interest rate compounded monthly is 12%. Find L and then find the outstanding balance right after the 12th payment has been made.

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