Question: Problem 3 (Required, 20 marks) Peter has borrowed $53000 from the bank today and agrees to repay the loan by 60 level monthly payments made

Problem 3 (Required, 20 marks) Peter has borrowed $53000 from the

Problem 3 (Required, 20 marks) Peter has borrowed $53000 from the bank today and agrees to repay the loan by 60 level monthly payments made at the end of each month. The first repayment is made n months after today, where n is positive integer. The loan charges interest at a monthly effective interest rate 196. You are given that the outstanding balance just after 50th payment is $11971.73. Find the principal repaid in 30th payment

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