(1) A couple borrow 400,000 from their bank in order to purchase a new home. The loan is to be repaid in equal montly repayments over 30 years with the first repayment due one month after the loan is issued. The bank charges an annual percentage rate (APR) of 4.5% over the term of the loan. (i) Show that the interest, compounded monthly, which is equivalent to an APR of 4.5% is 0.3675% correct to 4 decimal places. (ii) Find the amount of each monthly repayment, correct to the nearest cent. (iii) The couple had been paying 2200 per month in rent before purchasing their home. They decided to repay this amount every month to their bank. Find how long it will take the couple to repay the loan using this monthly repayment, assuming that the same interest rate applies. Give your answer in months, correct to the nearest month