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Problem 3. A loan is repaid by twenty end-of-quarter payments of $1,000. The interest for the first three years is 6% convertible quarterly and for the last two years is 8% convertible quarterly. Find a the outstanding loan balance after the fourteenth payment; b the amount of interest in the seventh payment. Problem 3. A loan is repaid by twenty end-of-quarter payments of $1,000. The interest for the first three years is 6% convertible quarterly and for the last two years is 8% convertible quarterly. Find a the outstanding loan balance after the fourteenth payment; b the amount of interest in the seventh payment