prospective and reprospective methods

Please explain properly, fo not use excel, this question worth 20 marks so explain accordingly. Kallie's loan of $12,000 is being repaid over 5-years with the following payment history: Quarterly payments for the first two years at j4 = 10% Loan refinanced at j4 = 8%, with quarterly payments for one year Loan refinanced again, this time at j4 = 6% What is the outstanding balance of the loan at this point in time after 3 years using both methods learnt in class? Please explain properly, fo not use excel, this question worth 20 marks so explain accordingly. Kallie's loan of $12,000 is being repaid over 5-years with the following payment history: Quarterly payments for the first two years at j4 = 10% Loan refinanced at j4 = 8%, with quarterly payments for one year Loan refinanced again, this time at j4 = 6% What is the outstanding balance of the loan at this point in time after 3 years using both methods learnt in class