Problem 2 (25 marks) Peter borrows an amount $L from the bank. The loan charges interest at an annual nominal discount rate of 16.2% convertible monthly. He repays the loan by making monthly payments that are M times the interest due until he can make a final payment of no more than $12000 to repay the loan completely. The first payment is made one month after the loan is made You are given that The first repayment is made one month after today The outstanding balance at the end of 2nd year (just after the repayment) is $27383.11. The outstanding balance at the end of 3rd year (just after the repayment) is $15734.4. * Problem 2 (25 marks) Peter borrows an amount $L from the bank. The loan charges interest at an annual nominal discount rate of 16.2% convertible monthly. He repays the loan by making monthly payments that are M times the interest due until he can make a final payment of no more than $12000 to repay the loan completely. The first payment is made one month after the loan is made You are given that The first repayment is made one month after today The outstanding balance at the end of 2nd year (just after the repayment) is $27383.11. The outstanding balance at the end of 3rd year (just after the repayment) is $15734.4. *