1. (20 points) Given a loan of $50,000 is being repaid with monthly payments X for 10 years at 8% convertible semi-annually, that is, i(2) = 8%. The first payment is due a month after the loan is taken out. Find X X (Diagram for Problems 1) 2 3 t-13 n-120 (t-10 years) L =50,000 a) the annual interest rate i = ; [Hint: (1 + )" = 1+1] 0 1 (m) b) the monthly effective interest rate i |(12) 12 = ; (Hint: (1+) = 1 + i] c) the monthly installation payment (Mortgage) X- d) the Interest paid at 13th payment period, 10 = __; e) the Principal paid at 13th payment period, A13