4) A client wants to finance the purchase of a house costing $50,000 over a period of 10 years. The annual interest rate is 10%. There are two repayment term options. Option 1 allows for annual repayments and option 1 allows for monthly repayments. Please determine what the annual payment would be and what would be the monthly payment would be. Hint, the monthly payment with NOT be 1/12th of the annual payment.