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Betty borrows 19800 from Bank X. Betty repays the loan by making 36 equal payment of principal at the end of each month. Betty also

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Betty borrows 19800 from Bank X. Betty repays the loan by making 36 equal payment of principal at the end of each month. Betty also pays interest on the unpaid balance each month at an annual nominal interest rate of 12% compounded monthly. Immediately after the 16th payment is made, Bank x sells the rights to future payment to Bank Y. Bank Y wishes to yield an annual interest rate of 14% compounded monthly on its investment. Calculate the price that Bank Y pays to Bank X. Give your answer rounded to the nearest whole number (i.e. X)

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