Question 3 of7 A loan is partially settled by making payments of $3, 500 at the end of every six months for five years. If there is an outstanding balance of $12, 000 left on the loan after five...

Extracted text: Question 3 of7 A loan is partially settled by making payments of $3, 500 at the end of every six months for five years. If there is an outstanding balance of $12, 000 left on the loan after five years, what was the original loan amount? The interest rate charged was 5.78% compounded daily. Full solutions should be shown on separate sheets of paper. Submit your solutions. Original Loan Amount Round your answer to two decimal places.