(a) MGMT2023 has secured a loan of 37M$ to purchase a house. The prevailing rate of interest is 12% per annum compounded quarterly. The duration of the loan is seven years. MGMT2023 will be making monthly payments starting one month from now.

Determine MGMT2023's monthly payback (8 marks)

(b) Express in months and weeks, the difference between the exact time and that approximated by the Rule of 72, to double an invest made at 8% per annum compounded monthly. (5 marks)

(c) How long will it take for $15,650 to earn $15,650 at 10% per annum compounded annually? (2 marks)