Explore Inc., a mining company, is currently negotiating a $600 million fifteen-year loan with a syndicate of banks for the development and operation of a mine. This syndicate has agreed to the following loan terms with Explore Inc.: All payments will be made up of amortization and interest. During the first three years of the loan: o Payments will be made at the end of each quarter. o The first quarterly payment will be for an amount equal to $7.5 million. Thereafter, the quarterly payment will increase linearly (that is, by a fixed amount each quarter) until it reaches $20 million at the end of the third year. o The interest rate that will be charged for the loan will be 3% nominal annual with quarterly compounding. In the following years: o Explore will make constant payments at the end of each semi- year until the loan is paid off. o The interest rate in this period will be 18% nominal annual with quarterly compounding. O Calculate the outstanding loan balance at the end of the third year. [ Seleccionar ] Calculate the amount of semi-annual payment that Explore Inc. will make from the fourth year onward. [ Seleccionar ]