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 exactly 1 year after the previous repayment. Explicitly, the final repayment will occur exactly 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,

(a) Calculate the loan outstanding exactly 2 years from today.