10.8 A loan is to be repaid by payments at the end of each of the next 15 years. The first payment is 100 and the payments increase by 20 pa thereafter. Repayments are calculated using a rate of interest of 5% pa effective. Eam style [3] (0) Calculate the amount of the loan. Set out a loan schedule showing the capital and interest elements in, and the amount of loan outstanding after, the 6th and 7th payments. (5) [2] [Total 10) (ii) Calculate the capital and interest element of the last instalment