A loan of $50,000 is made today. This loan will be repaid by a first smaller repayment, followed by 15 level repayments, i.e., there are 16 repayments in total.

The first smaller repayment will occur exactly 3 years from today and each subsequent repayment (starting from the first level repayment) will occur exactly1 year after the previous repayment. Explicitly, the final repayment will occurexactly 18 years from today.

If the interest being charged on this loan is 4.8% per annum compounded half-yearly, and the first smaller repayment is $570,

(b) Calculate the loan outstanding exactly 3 years from today immediately after the first smaller repayment.