A loan of 100,000 is repayable over 20 years by level monthly instalments in arrears of capital and interest. The repayments are calculated using an effective rate of interest of 10% per annum. (i) Calculate the amount of the monthly instalment. [2 marks] (ii) Calculate the interest and capital components of the first monthly instalment. [2 marks] (iii) Calculate the interest and capital components of the final monthly instalment. [2 marks] (iv) Calculate the total amount of interest paid in the last five years of the loan. [3 marks] (v) Without doing any further calculations, explain how your answer to (iv) would change if the loan were to be repaid by annual, rather than monthly, instalments. [2 marks]