29)Jamie and Jake each recently bought a different new car. Both received a loan from a local bank. Both loans have a nominal interest rate of 12 percent with payments made at the end of each month,...

29)Jamie and Jake each recently bought a different new car. Both received a loan from a local bank. Both loans have a nominal interest rate of 12 percent with payments made at the end of each month, are fully amortizing, and have the same monthly payment. Jamie’s loan is for $15,000; however, his loan matures at the end of 4 years (48 months), while Jake’s loan matures in 5 years (60 months). After 48 months Jamie’s loan will be paid off. At the end of 48 months what will be the remaining balance on Jake’s loan?
Do not use MS Excel for solution.