7. Mr. Kulu is granted a R2 million loan by ABC Bank to purchase his house. The bank interest rate on long term loans is 12% p.a. compounded monthly. The loan is to be repaid over 20 years. a) Calculate the amount Mr. Kulu will pay to the bank at the end of each month for 20 years. b) If the interest rate decreased by 1% at the beginning of the 3rd year, calculate the new instalment that Mr. Kulu has to pay every month C) If Mr. Kulu decided not to change his instalment amount after the interest rate change, how much sooner will he pay off his loan? d) Mr. Kulu decided that at the beginning of the 10 year to pay in a once off amount of R 50 000 into his loan account while still maintaining his instalment amount as in a) above. Calculate how much sooner he will settle his loan