2. Jane took out a home mortgage loan of $1.5 million on 1 January 2019, with an interest rate of 0.4% per month. The loan repayment plan is equal monthly installments (equal amount of money repaid at the end of each month). The loan term is 20 years. (a) Please calculate the monthly repayment. (b) Assuming that the monthly interest rate increased to 0.6% on 1 September 2020. Please calculate the monthly repayment thereafter. Interest rate (IR):0.4% n A/P P/A 200 0.007273343 137.4884 220 0.006843592 146.1221 240 0.006489575 154.0933 260 0.006193759 161.4528 Interest rate (IR):0.6% n A/P P/A 200 0.008599390 116.2873 220 0.008198861 121.9682 240 0.007873493 127.0084 260 0.007605699 131.4804