a loan of 56,540 was granted. The loan was to be repaid over 18 years by level monthly instalments. The repayment instalments were originally agreed based on a nominal rate of interest of 3.8% per annum convertible monthly. (i) Calculate, to 2 decimal places, the initial level monthly instalment (ii) Calculate, to 2 decimal places, the loan outstanding after the current payment (iii) the lender has decided to increase the nominal interest rate on the loan outstanding to 6.8% per annum convertible monthly. (a) Calculate the adjusted remaining term of the new loan (in whole months): (b) Calculate, to 2 decimal places, the repayment amount (X) made in the final year: