1. Consider a loan of $60 000, which is to be repaid in 120 monthly instalments starting one month after the loan has been taken out. The interest on the loan is 5% per year compounded monthly. (a) Find the size of the regular repayments. (b) What are the Interest and Principal parts of the 50th repayment? (Note that you should not be using a table with 50 payments! You must use the formulas which were used in lectures)