John bought a car when he came to school as an student with money he has saved from odd jobs. The Car was purchased by taking a loan that was to be paid off in 20 equal, quarterly payments. The interest rate on the loan was 12% per year with quarterly compounding. After four years, at the time that John made his 16th payment, he got married and sold the Car to his buddy Sammie. Sammie made arrangements with John's bank to refinance the loan and to pay John's unpaid balance by making a total of 16 equal quarterly payments at the same interest rate that John was paying. After 3 years, at the time that Sammie made his 13th payment, Sammie flunked out of school and sold the car to Miranda, and she assumed Sammies loan responsibility with the bank. Miranda was not one to have any loan payments so immediately paid the bank $2,000 cash to pay off the loan balance. What was the amount of John's loan to purchase the Car when it was new?