8 The table below shows the monthly repayments per $1000 on a bank loan for various annual interest rates. Monthly repayments per $1000 Term Interest rate (%) (years) 4.5 5 5.5 6.5 7 7.5 8 20 $6.326 $6.600 $6.879 $7.164 $7.456 $7.753 $8.056 $8.364 25 $5.558 $5.846 $6.141 $6.443 $6.752 $7.068 $7.390 $7.718 30 $5.067 $5.368 $5.678 $5.996 $6.321 $6.653 $6.992 $7.338 a Calculate the monthly repayment, to the nearest cent, on a loan of $310000 at 7% p.a. 2 marks for 25 years. b What is the interest rate on a loan of $360 000 over 20 years if the monthly repayment is $2476.44? 2 marks c Nigel borrows a sum of money and his monthly repayments over 25 years are $2278.78. If he is paying interest of 4.5% p.a., what is the amount Nigel has borrowed? 2 marks