5. Four university friends decided to buy an apartment as equal shares co-owners and need to borrow $300,000. The Kiwibank has offered them a 30-year table loan repayable in 360 cqual monthly in- stalments at the end of each month) at a nominal interest rate of 3.5% per annum, compounded monthly. (a) Under the terms of the loan, what monthly instalments will cach of them pay? (In this case cqual shares co-ownership means each of them owns a quarter of the property). (b) After owning the apartment for exactly two years, the interest rates drop down to 3% per annum. The friends, after making 24 payments, refinance the loan. What should the remaining monthly payments be for each of them