2. (a) Determine the monthly insurance payment necessary to repay a $70,000 loan if interest is computed at the rate of 14 percent per year compounded quarterly. Assume the period of the loan is 20 years. (b) How much interest will be paid over the 40 semiannuals? (10) Q. 3. The 1991 federal taxable income (I in $) and tax rates (R in %age) for a single person (I,R) as: (0 82150, 31). Determine the function T = f(I), where T equals the tax liability ($) for a single person Also find tax amount for the income $ 45960