Question: Problem 3 (Required, 25 marks) There are two discounted loans (Loan A and Loan B) available. You are given the following information about these two

Problem 3 (Required, 25 marks) There are two discounted loans (Loan

Problem 3 (Required, 25 marks) There are two discounted loans (Loan A and Loan B) available. You are given the following information about these two loans. Loan A: It charges interest at an annual simple discount rate 12% Loan B: It charges interest at an annual nominal discount rate d% convertible monthly. Recently, John applies for a 2-year discounted loan A of amount $4000 and Mary applies for a 30 months discounted loan B of amount $5000. It is given that John and Mary receive the same amount at time 0. . Suppose that Peter wishes to borrow $6000 and applies for a 3-year discounted loan B of amount $X. Find the value of X

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