.An individual has obtained a loan in the amount of 20,000$ at an interest rate of j2=18%, which will be paid of in 25 monthly installments. After paying 5 of the installments, the individual stopped paying.a)Determine the outstanding loan balance at the end of the 7thmonth, and the value of the new installment if the payments restart normally and the loan term is extended by 5 months.b)A grace period has been obtained from month 6 until month 10, and the commission to be paid for this period is equal to 1.5% of the outstanding balance of the loan. What is the amount to be paid during the grace period? What will the new installment be from month 10 onwards? (Instruction: the amount of the commission will be added to the balance of the loan at the moment when the grace period has been obtained, in this case, the end of month 5 or the beginning of month 6. )c)At the end of the 5thmonth, a moratorium period will be in place for 7 months, and the commission to be paid for the moratorium period is 1% of the balance of the loan. After the moratorium period ends, the individual will pay 500$ monthly for 4 more months, then he will start repaying the loan regularly with a new installment. If the loan term is extended by 10 months, what will the vaue of the new installment be?(Instruction: the amount of the commission will be added to the balance of the loan at the moment when the moratorium period has been obtained)d)If the payments restart after not making any payment for 3 months, and the new interest rate is j4=16.5%, what will be the new installment. The term of the loan stays the same.