5) Jamie borrowed $600 000 to buy a studio apartment at 7.5% p.a. reducible interest. He made repayments of $5000 monthly. The table below shows the progress of his loan for the first 2 months. Month (n) Principal (P) Interest (1) Amount owing before Balance repayment (P +I- R) (P+1) 1 $600 000 $3750 $603 750 $598 750 $598 750 $3742.19 $602 492.19 $$597 492.19 a) Show how the interest of $3750 in the first month was calculated b) Show the progress of the loan for the next 2 months. c) Find the principal at the start of the 5th month. d) How much has Jamie paid off the principal after 4 months. $600 000-$594952.97 =$50 9.06 e) How much interest was paid in the first 4 months? How much interest would Jamie pay in 4 months for a loan of $600 000 at a flat interest rate of 7.5% p. a. ?$600 020. 0045 7=$15000 6) $9000 is invested for 4 years at 7.5% p.a., compounded monthly. Calculate the interest earned. 7) Calculate the present value (principal) that needs to be invested for 8 years at 8% compounded quarterly to grow to a future value of $12 000