3. The table below, from Standard Charter Bank, is the monthly payment for different loan terms. Read the table (and the notes below) carefully and answer the following questions. [20 Doints I The above Annualised Percentage Rates ("APR") are reference rates which include the basic interest rate and other fees and charges of a product expressed as an annualised rate (if applicable). The calculation of APR has taken into account of a handling fee of 1.5% (per annum). + The Monthly Flat Rate shown above was rounded to 3 decimal places for reference only. (a) For the case of 48 months, explain how the monthly repayment $2157 is determined by the monthly flat rate 0.074%. (b) The term of APR here is actually the effective interest rate that we define in the class. If APR=4.93%, how much is the effective monthly interest rate? (c) Given the results in (b), calculate the PV of the repayment cash flow, i.e., monthly repayment of $2157 for 48 months. (d) You should find that the solution of (c) is less than 100000, the loan amount. Explain the reason (besides the rounding error)