Seth borrows X from Tina and agrees to pay it back over 20 years using the sinking fund method. At the end of each year, Seth will deposit 400 into the sinking fund, as well as pay Tina the interest on the loan. If Tina charges Seth an annual effective interest rate of 6% and the sinking fund gains an annual effective interest rate of 3%, then what is the outstanding balance immediately after the 12th payment is made?