1. Phantom Limited borrows $100,000 at an interest rate of 12% per annum compounding monthly, repayable by equal monthly instalments over 20 years. Calculate the principal and interest components of the first repayment.

2.Luke borrows $800,000 from ANZ to set up a medical practice. He agrees to pay a fixed interest rate of 12% per annum compounding monthly and to repay by equal monthly installments over 20 years. Calculate the monthly repayment and the remaining loan after making 24 monthly repayments.